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Die werking van die markmeganisme in teorie en praktyk

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posted on 2024-11-18, 14:06 authored by Inaugural addresses
Inaugural lecture--Department of Economics, Rand Afrikaans University, 27 October 1987@@Arising from research done for the Brown Commission of Enquiry into health services, some questions revolving around the determination of prices in this market are tested against the theory of price formation under conditions of the free market system. The conditions of Pareto-optimality (i.e. the marginal rate of substitution in consumption must be equal to the marginal rate of transformation in production) as well as the requirements of the free market system are used as the basis of this comparison. The unique nature of the product, the code of conduct and training, the risk and uncertainty inherent in illness as well as external intervention and the lack of knowledge of the consumer, make the application of the restrictive conditions of the free market system somewhat difficult. The economist is therefore often dependent upon his own intuitive experience and ingenuity to find functional answers to actual questions of this nature. The reconciliation of theory and practice must therefore be of prime importance to the academic.

History

Date of creation

2009-11-16

Date submitted to repository

1987-10-27

Copyright information

University of Johannesburg

Original repository

Vital

Language Translation

The working of the market mechanism in theory and practice

Repository

Special Collections

Collection/Group

Inaugural addresses

Sub collection

1005|RAU Inaugural Addresses

Type of material

Inaugural

Research purpose

Teaching lecture

Legacy Handle

10210/2982

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