Final Session

Abstract

Professor Hall, emerging from his role as rapporteur, congratulated the congress on its civilised and polite behaviour. He was used to more blood being spilt on such occasions. He was also pleased that the discussion, for the most part, centred on the fundamentals of economics rather than being obsessed with technicalities. The conference had discussed 20 papers, some of which had little to do with relative prices except in the widest sense. Three themes had emerged: how prices should be set in planned economies; the oil crisis; and exchange rates. The economics of the relationship between developed and developing countries was not a dominant theme; nor were relative prices within capitalism, which were only obliquely mentioned. As an industrial economist, he found the latter very curious. Under capitalism, relative prices were important, not only as a signalling device to economic agents but also as a reflection of relative degrees of monopoly behaviour and performance. As the various dimensions of market structure changed, so too did relative prices.