Titlebook: Value; Michael Allingham Book 1983 Palgrave Macmillan, a division of Macmillan Publishers Limited 1983 business.industries

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Uniqueness,librium prices, then the theory of value would be ambiguous. To return to the analogy of the ball and spring, the theory of weight would be unsatisfactory if the force of gravity balanced that of the spring at more than one length, for then a given ball would have more than one weight.

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Conclusion,n the basis of these preferences and endowments; if all these planned exchanges are compatible then the prices are equilibrium prices, or values. Thus values are determined by agents’ preferences and endowments, that is by scarcities.

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Society,location of commodities which society as a whole receives under the market mechanism is better, in some sense, than any other possible allocation. This is a first requirement for equilibrium prices to be relevant.

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Coalitions,llocation which each possible coalition of agents receives under the market mechanism is better for the coalition than any other allocation it could obtain. This is a second requirement for equilibrium prices to be relevant; if may be seen as an extension of the first requirement, that society as a

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Stability, will be the case if prices converge to their equilibrium levels; if this were not the case then the theory of value would have little practical relevance. To return to the analogy of the ball and spring, the theory of weight would be unsatisfactory if there were no forces, such as friction, to brin