The Role of Financial Markets in a Private-Property, Free-Market Economy

Part of the International Studies in Economics and Econometrics book series (ISEE, volume 22)


The basic issue we addressed in chapters 5 and 6 was how much of A a person is willing to give up now for one more unit of B now. However, many goods provide services over a period of time. Thus, we must also ask what quantity of A a person would give up now for one more unit of A to be received later. In general, the more we eat today, the less we will have to eat tomorrow.


Financial Market Live Tree Future Market Future Price Future Contract 
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Suggested Readings

  1. Greenspan, A. “Commercial Banks and the Central Bank in a Market Economy,” paper presented at Spaso House, Moscow, October 10, 1989.Google Scholar
  2. Hirshleifer, J. Price Theory and Applications, New Jersey: Prentice Hall, 1984, chapter 14.Google Scholar
  3. McCloskey, D. The Applied Theory of Price. New York: McMillan, 1982, chapter 26.Google Scholar
  4. Posner, R. Economic Analysis of Law. New York: Little Brown & Co., 1986, chapter 15.Google Scholar

Copyright information

© Kluwer Academic Publishers 1990

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