The Task of the Contemporary Theory of Pricing

  • Douglas C. Hague
Part of the International Economic Association Series book series (IEA)

Abstract

My aim in this paper is to provide the equivalent of a’ keynote’ address for our Round Table Meeting. Our task is to give an authoritative and up-to-date statement of the theory and the practice of pricing in economies with very diverse economic, social, and political systems. I want, if I can, to define at the outset our field of interest, to identify the issues within this field which are already settled and to set out some of the unresolved issues. In this way our discussions may be more productive.

Keywords

Europe Income Smoke Pyramid Egypt 

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Notes

  1. 1.
    Joan Robinson, Economic Philosophy, London, 1962, p. 22.Google Scholar
  2. 3.
    Lionel Robbins, The Economic Problem in Peace and War, London, 1947, p. 24.Google Scholar
  3. 4.
    J. C. March and H. A. Simon, Organizations, New York, 1958, p. 205.Google Scholar
  4. 1.
    C. J. Hitch and R. N. McKean, RAND Corporation, California, U.S.A., 1960.Google Scholar
  5. 1.
    See, for example, ‘A Study of Decision-Making within the Firm’, by E. Mansfield and H. H. Wein, Quarterly Journal of Economics, 1958, pp. 515–536. This study concludes from an investigation of railroad decisions that even if the firm aimed at maximum profits and it was known with certainty what the correct decisions for managers to make were, it would be difficult to ensure that each manager in an intermediate position in the firm made the decisions required to earn maximum profits.Google Scholar
  6. 1.
    J. A. Schumpeter, Capitalism, Socialism and Democracy, 3rd Ed., London. 1950, p. 84.Google Scholar

Copyright information

© International Economic Association 1966

Authors and Affiliations

  • Douglas C. Hague
    • 1
  1. 1.University of ManchesterUK

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