Summary Record of the Debate
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Professor Margolis commented that Professor Hague had aimed in his paper to set a broad framework for the Conference and to consider a number of topics which he hoped might be disposed of in the first session. Professor Margolis’s task was to remind the Conference of these. The first point was that prices are a central problem of economics, affecting the efficient allocation of resources, and the production and distribution of goods. It was perhaps strange that the major task of economic analysis is to consider the role of prices in these matters, since prices are not always the main determinant of the efficiency of allocation, production, and distribution. That notwithstanding, pricing was to be the subject of the Conference.
KeywordsMarginal Cost Price Change Socialist Economy Excess Demand Relative Prex
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