Does Price Theory Have a Future?
41 Pages Posted: 26 Oct 2023 Last revised: 12 Mar 2024
Date Written: March 9, 2024
Abstract
Is the time right for a price theory revival? Recent prospects are encouraging, but there are significant challenges. We provide an overview of price-theoretic microeconomics, drawing on lessons from the Chicago, UCLA, and London-Vienna traditions. We also discuss contemporary scholarship about the place of price theory in economics education. Finally, we consider how to raise the relative status of price theory within the academy, which we view as a necessary but not sufficient condition for revitalizing price theory.
Keywords: Chicago, economics profession, graduate education, London, microeconomics, price theory, price system, property rights, rational choice, Vienna
JEL Classification: A10, A11, A23, B21, D01, P14
Suggested Citation: Suggested Citation