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This book introduces economic theory by concentrating on some of the most important matters with which theory deals. Beginning by developing the general criteria of efficiency in the allocation of resources between alternative uses, the book then illustrates how efficient allocation can be promoted directly, by state planning, or indirectly by private enterprise. An analysis of the working of business competition in both its free and restricted forms follows, and analysis of the determination of the general levels of production employment and prices is also included

This book introduces economic theory by concentrating on some of the most important matters with which theory deals. Beginning by developing the general criteria of efficiency in the allocation of resources between alternative uses, the book then illustrates how efficient allocation can be promoted directly, by state planning, or indirectly by private enterprise. An analysis of the working of business competition in both its free and restricted forms follows, and analysis of the determination of the general levels of production employment and prices is also included.

Intro -- Contents -- Introduction -- Part I. THE THEORY OF PERFECT COMPETITION -- Chapter I. The Tendency to Equilibrium -- Chapter II. The Availability of Market Information -- Part II. INFORMATION AND ADJUSTMENT -- Chapter III. The Co-ordination of Competitive Investments -- Chapter IV. The Co-ordination of Complementary Investments -- Chapter V. The Scale of Investments -- Chapter VI. The Assortment of Production -- Chapter VII. Competition, Selection and Market Discipline -- Part III. THE INFLUENCE OF UNCERTAINTY -- Chapter VIII. The Need for Adaptability -- Chapter IX. Attitudes towards Risk -- Chapter X. Risk and Welfare: I. Private and Social Profitability -- Chapter XI. Risk and Welfare: II. Consolidation and Public Ownership -- Annex I. The Organization of Industry -- Annex II. Planning versus Competition -- Index -- A -- B -- C -- D -- E -- F -- G -- H -- I -- J -- K -- L -- M -- N -- O -- P -- Q -- R -- S -- T -- U -- V -- W -- Y.