Prices and Production Elements of a System-Theoretic Perspective
My original intention in writing this book was to consider evolving mar ket systems and Hayekian criteria of efficiency (see von Hayek (1931, 1945) ), and to discover those formal structures which might possibly lie at the base of economic systems capabl
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Albrecht Ritschl
Prices and Production
Elements of a System-Theoretic Perspective
With 28 Figures
Physica-Verlag Heidelberg
Series Editor VVerner}\.~uller
Author Dr. Nbrecht Ritschl Department of Economics University of ~unich Ludwigstrasse 331IV 0-8000 ~unich 22, FRG
ISBN 978-3-7908-0429-4 ISBN 978-3-642-53716-5 (eBook) DOI 10.1007/978-3-642-53716-5 CIP·Titelaufnahme der Deutschen Bibliothek Ritschl, AIbrec:ht: Prices and production: elements of a system-theoretic perspective/Albrecht Ritschl. - Heidelberg: Physica-VerI.. 1989 (Contributions to economics; 1) Zugl.: Miinchen, Univ., Diss., 1987 ISBN 978-3-7908-0429-4 NE:GT
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Acknowledgements
This text is the translated and revised version of my doctoral dissertation, presented in 1987 to the Faculty of Economics, University of Munich. Above all, I wish to thank my referees, Professors E. von Boventer and H.-D. Wenzel, for their continuous patience and advice. Deep thanks go also to Professor K. Borchardt, without whose kind concern this book would have been impossible. Preliminary versions of my work have been presented to the Research Seminar of our Faculty, and I am grateful to its members, esp. Professors H. Moller, H.-W. Sinn, and F. Gehrels, for their most helpful comments and suggestions. I also had the opportunity to discuss portions of this work with Professor B. Schefold and his staff at the University of Frankfurt. Though I did not follow his advice everywhere, the substantial influence of Professor Schefold's suggestions and his own writings is evident throughout this book. But of course this does not imply that he shares all of my views. Special thanks as well go to Professor Richard Adelstein of Wesleyan University, Middletown, Connecticut, who kindly read the working translation of the manuscript and seems to have managed to convert my broken English into a readable text. Financial support from the Bavarian Graduates Promotion Program is also gratefully acknowledged.
Albrecht Ritschl Munich, Fall 1988
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Contents: O.
Introduction
1.
Time in the Economic Equations of Prices and Production 1.1. Produ
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