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Price in a Mixed Economy: Our Record of Disaster

Our society has become a pluralistic one – with non-market forces feeding elements of price rise into the economy; our economic theory, however, has remained a monistic one that sees price determined by the self-equilibrating interplay of supply and demand.

William Krehm shows that both within and outside the market our society has undergone structural changes that contribute irreversibly to increase prices.

Price in a Mixed Economy formulates a grammar of economic feasibility that sets out the real choices open to society. Techniques are developed for keeping price mobility to a minimum, and for tempering social injustices that such unavoidable price movement may bring.