ABSTRACT

The present work is intended to be a comparative analysis of the concepts of short-run price currently found in the literature: the market price referred to by the classical authors, both the Marshallian price of temporary equilibrium and short-period normal price, the prices of either temporary or intertemporal general equilibrium. In particular, the paper tries to assess what is the intended empirical content, if any, of each of these price notions, i.e. its supposed relation with actual prices. Whether that content is or is not made explicit in the related literature, we will look for it by investigating those analytical features of the various prices that are relevant to our question, with special attention to the kinds of circumstances that in the respective contexts are allowed to affect them. Within these limits we will be concerned with the different theoretical frameworks to which the notions of price here considered belong.