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Do Market Prices Reflect Real Scarcity? Theories and Facts
Do market relative prices reflect real scarcity of resources? If this were so, market prices would provide society with the correct signals about real scarcities. Economics-the science of scarcityhas different answers to this question. Following the principles of current epistemology, the paper reviews three theories of markets: neoclassical, bio-economics, and unified theory, analyzing their assumptions, their derived empirical predictions about the relation between market prices and scarcity,doi:10.18800/economia.201901.003 fatcat:e5x7pn2q4rf4zpi3vto4lzxv7u