Two perspectives on the price system are examined, as a method of valuation represented by Walrasian equilibrium and as a means of appropriation represented by “perfectly competitive equilibrium.” The stronger requirements of perfectly competitive equilibrium emphasize that valuation is...

The general equilibrium model of market pricing and the duality theory of linear programming (LP) are paradigmatic expressions of the duality relation between quantities and prices. While LP is canonical, the market duality found in general equilibrium theory is regarded as the more...