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| Introduction to the Liberty Fund Edition | |
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| Preface | |
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| The Nature and Tasks of Market Theory | |
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| The Individual and the Market | |
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| The Market System | |
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| The Foundations of Market Theory | |
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| The Individual and Economic Behavior | |
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| Economic Theory and Economic Reality | |
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| Market Theory, Economic Theory, and Economics | |
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| Summary | |
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| The Market: Its Structure and Operation | |
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| The Conditions Under Which the Market Operates | |
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| Market Roles | |
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| The Structure of the Market System: Vertical Relationships | |
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| The Structure of the Market System: Horizontal Relationships | |
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| The Analysis of Human Action in the Market: The Concept of Equilibrium | |
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| Complete and Incomplete Equilibrium | |
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| The Pattern of Market Adjustment | |
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| The Changing Market | |
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| The Market System as a Whole | |
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| Summary | |
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| Efficiency, Coordination, and the Market Economy | |
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| The Economic Problem | |
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| Society and the Economic Problem | |
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| The Problem of Coordination | |
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| How the Market Solves the Problems of Coordination | |
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| The Coordinating Function of Profits in a Market Economy | |
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| Summary | |
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| Utility Theory | |
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| The Scale of Values | |
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| Marginal Utility | |
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| Diminishing Marginal Utility | |
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| The Marginal Utilities of Related Goods | |
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| Marginal Utility-Some Further Remarks | |
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| Marginal Utility and the Conditions for Exchange | |
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| Summary | |
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| Consumer Income Allocation | |
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| Marginal Utility and the Allocation of Income | |
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| The Position of Consumer's Equilibrium | |
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| A Geometrical Illustration | |
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| The Effects of Changes | |
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| The Individual Demand Curve | |
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| Some Remarks on Expectations | |
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| Summary | |
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| Market Demand | |
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| Market Demand | |
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| The Market Demand Curve | |
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| Demand Elasticity | |
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| Measures of Elasticity | |
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| Market Demand as Seen by the Individual Entrepreneur | |
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| Demand and Revenue | |
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| Demand and the Prices of Other Goods | |
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| Demand as a Market Force | |
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| Summary | |
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| Market Process in a Pure Exchange Economy | |
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| The Nature of Competition | |
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| A Simple Case of Price Competition | |
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| Simple Price Competition Without Perfect Knowledge | |
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| The Market for Several Non-Producible Goods: The Problem | |
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| The Equilibrium Situation for the Multi-Commodity Market | |
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| The Multi-Commodity Market Without Perfect Knowledge | |
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| Monopoly in a Pure Exchange Market | |
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| The Agitation of the Market | |
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| Summary | |
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| Appendix | |
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| Production Theory | |
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| The Economic Aspect of Production | |
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| Production by the Isolated Individual | |
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| Production in Society | |
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| Production in the Market Economy | |
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| Factors of Production | |
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| Production Functions and Isoquants | |
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| The Shape of the Isoquant and the Substitutability of Factors | |
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| Changes in Factor Proportions, and Changes in the Scale of Factor Employment | |
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| Returns to Scale | |
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| The Laws of Variable Proportions: The Problem | |
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| The Laws of Variable Proportions | |
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| Economic Implications of the Laws of Variable Proportions | |
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| The Least-Cost Combination | |
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| Graphic Illustration of the Least-Cost Combination | |
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| Summary | |
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| Costs and Supply | |
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| Costs and Rents | |
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| Opportunity Costs and Supply Theory | |
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| Prospective and Retrospective Costs | |
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| Capital Goods and Cost Theory | |
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| Factor Divisibility and Short-Run Per-Unit Costs | |
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| Short-Run Costs and Their Effect on Supply | |
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| Long-Run Costs and Supply | |
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| Factor Prices and Supply | |
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| Summary | |
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| Partial Market Processes-The Determination of Product Prices and Factor Prices | |
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| The Market for a Single Product | |
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| Long-Run Equilibrium | |
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| Short-Run Equilibrium in the Single-Product Market | |
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| Equilibrium in the Single-Product Market in the Very Short Run | |
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| Adjustment to Change in a Market for a Single Product | |
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| The Market Process in a Market for a Single Product | |
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| The Market for a Single Factor of Production Equilibrium in a Factor Market | |
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| The Market Process in a Market for a Single Factor of Production | |
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| Toward the General Market Process | |
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| Summary | |
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| The General Market Process | |
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| A Preliminary Model | |
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| The Preliminary Model and the General Model | |
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| General Market Equilibrium Conditions | |
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| A General Market in Disequilibrium | |
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| Disequilibrium in the General Market and Entrepreneurial Opportunities | |
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| Entrepreneurial Activity and the General Market Process | |
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| Partial Analysis and the Analysis of a General Market | |
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| Toward Further Extensions of the General Market Model | |
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| Summary | |
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| Monopoly and Competition in the General Market | |
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| The Monopolized Resource | |
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| The Resource Cartel | |
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| Restriction of Supply: A Special Case | |
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| Combinations of Resource Buyers | |
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| Monopoly in Production | |
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| The Consequences of Monopoly Output Restriction | |
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| The Monopolist-Producer as a Resource Buyer | |
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| Further Remarks on Monopolized Products | |
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| The Single Producer Without Monopoly | |
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| Some Remarks on the Model of �Pure� or �Perfect � Competition | |
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| Monopolistic Price Discrimination | |
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| Summary | |
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| The Price System and the Allocation of Resources | |
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| The Possible Levels of �Welfare� Appraisal | |
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| Misallocation of a Resource in a Market System | |
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| Imperfect Knowledge, the Source of Resource Misallocation | |
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| Prices, Profits, and the Reallocation of Resources | |
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| The Entrepreneur and Resource Allocation | |
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| Resource Mobility and the Allocation Pattern | |
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| Monopoly as an Obstacle to Correct Resource Allocation | |
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| Artificial Obstacles to Correct Resource Allocation | |
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| Summary | |
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| Appendix: The Application of Market Theory to Multi-Period Planning | |
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| Multi-Period Decisions in the Pure Exchange Economy | |
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| The Intertemporal Market | |
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| Speculation as an Aspect of Intertemporal Markets | |
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| Multi-Period Decisions of Producers | |
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| The Place of Capital Goods in Production | |
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| Index | |