Abstract Market Theory

2016.08.14 : View this Review Online | View Recent NDPR Reviews Jonathan Roffe, Abstract Market Theory, Palgrave Macmillan, 2015, 180pp., $100.00 (hbk), ISBN 9781137511744. Reviewed by
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2016.08.14 : View this Review Online | View Recent NDPR Reviews Jonathan Roffe, Abstract Market Theory, Palgrave Macmillan, 2015, 180pp., $100.00 (hbk), ISBN 9781137511744. Reviewed by Michael Munger, Duke University What is "price," and what is the role of price in market-oriented society? More importantly, what is the relation between price and value? One possibility for "value" is that the worth of actions and things is self-evident, and therefore need not be discussed much. This seems unlikely. In the absence of self-evident consensus, there must be some process by which disagreements about value become -- or tend towards -- consensus. In societies, or any context with large groups of people, there are three mechanisms for generating such a consensus: (1) actual consensus, as the result of deliberation; (2) rule-produced consensus, where there is prior agreement on a process and a result is generated; and (3) decentralized anonymous processes that converge toward a. . .

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