Prices and Production

Elements of a System-Theoretic Perspective

  • Albrecht Ritschl

Part of the Contributions to Economics book series (CE)

Table of contents

  1. Front Matter
    Pages i-ix
  2. Albrecht Ritschl
    Pages 1-8
  3. Albrecht Ritschl
    Pages 100-152
  4. Back Matter
    Pages 153-159

About this book


My original intention in writing this book was to consider evolving mar­ ket systems and Hayekian criteria of efficiency (see von Hayek (1931, 1945) ), and to discover those formal structures which might possibly lie at the base of economic systems capable of evolution. Much work in this field had already been done by others (see, for example, Kirzner (1975) and Nelson/Winter (1982) ), and a consensus seems to have been reached that something like system theory must be the logical point of departure for evolutionary theory in economics. But most of the previous work in this area is purely intuitive, and though there is much talk in it of systems and system theory, a precise definition of the concept of a system in this context is nowhere to be found. I had hoped to be able to sketch a working definition of pricing and production systems in a few pages and then to go on to investigate their performance within the framework of modern stability analysis. It soon became clear, however, that difficult and complex problems arise from the very outset of such an endeavor. If, for example, one speaks of dynamic systems of pricing and production, it should be made clear just how these systems differ from those portrayed in standard price theory and why that theory is inadequate for such analysis.


Asia Marx dynamics economic theory economy equilibrium foundation general equilibrium growth production research science and technology systems theory transformation value-at-risk

Authors and affiliations

  • Albrecht Ritschl
    • 1
  1. 1.Department of EconomicsUniversity of MunichMunich 22Germany

Bibliographic information

  • DOI
  • Copyright Information Physica-Verlag Heidelberg 1989
  • Publisher Name Physica, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-7908-0429-4
  • Online ISBN 978-3-642-53716-5
  • Series Print ISSN 1431-1933
  • Buy this book on publisher's site