Thursday, October 3, 2013

Market Theory and the Price System by Israel M. Kirzner

Status: One Round of QC (10.03.2013)


Fix Notes:

Page 12: par. 4: phenomena

Complex market phenemona may then be “understood” by relating them to individual acts of choice.

Page 25: par. 2: decisions

Such an “equilibrium” obviously is quite incomplete; there are still market descisions (outside the “range”) that will be disappointed and will have to be revised.4

Page 74: Footnote 1: arbitrary

Any index of purchasing power must correspond to some such (arbitary) specification.

Page 75: par. 2 (bottom par.): occurred

This additional expenditure would be distributed by the consumer, among the various goods, as if an increase in his income had occured.

Page 147: par. 3: progressively

It is sufficient to notice that the process of division of labor feeds on itself, continually making possible further gains for individuals by progressvely wider and more intricate division of labor.

Page 168: Footnote 1: isoquant

Different points on an insoquant map refer to alternative situations possible at one moment in time. A "movement to the right” means, [...]

Page 213: par. 1: transferred

[...] the revenue they could acquire eventually if they transfered their resources to some other branch of production—exceed the revenue that they currently receive from their output), they will sooner or later alter their actions.

Page 218: par. 1: occurring

Into this situation introduce now a sudden, permanent, unexpected increase, occuring one night in the early part of a month, in the intensity of demand for the product (represented graphically by a shift to the right of the entire market demand curve).

Page 238: par. 3 (bottom par.): participants + initial

Exchange ensued as each of the market particpants sought to convert his intial commodity bundle into the most desirable one obtainable by barter in the market.

Page 241: par. 1: equilibrium

The quantity of each resource that resource owners wish to sell at this equilbrium resource price will exactly equal the quantity that other participants wish to buy at this price for direct consumption.

Page 261: par. 0: throughout

[...]cision in one area of the market to set off intricate and wide ranging ripples of change felt eventually thoughout the market.


I removed the first page of the PDF (Van Nostrand Series in Business Administration and Economics).

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