Numerous celebrated economists have pointed to the discipline's failure to adequately explain markets and how prices are formed. This paper addresses that deficiency. It considers the basic function of a market, defined as to coordinate the supply of a product with demand via movements in price....

Numerous celebrated economists have pointed to the discipline's failure to adequately explain markets and how prices are formed. This paper addresses that deficiency. It considers the basic function of a market, defined as to coordinate the supply of a product with demand via movements in price....