ABSTRACT
A timeless logic of equilibrium patterns of resource allocation must take prices and markets as data. The object of explanation is an allocation of resources that is accompanied by a consistent set of market prices. This analytical framework requires the analyst to postulate the existence of some set of markets along with prices that are consistent with clearing those markets in light of consumer preferences. If two snapshots taken at different times are compared, each will show resource allocations in conjunction with a supporting set of market clearing prices. Within this comparative-static framework, prices, markets, and allocations are universal features of social life, the formal equilibrium quality of which holds invariably across time and place.
