ABSTRACT
Theories of the market take it more or less for granted that their work remains incomplete so long as they fail to arrive at theoretically determinate relative prices. This means that they must show how prices vary quantitatively with the magnitudes of specified parameters. This approach to price theory has the important characteristic that it begins with a fixed structure. For neoclassical theory this is a structure of resource constraints and preference orderings, each capable of specification in quantitative terms. For the classical theory, in its modern versions, the structure is one of reproduction, also specified in quantitative terms. Here I will be concerned only with the classical theory, and the potential impact the approach suggested by Josef Steindl’s work might have on it.
