In a partial equilibrium setting without price uncertainty, the balanced-budget substitution of an ad valorem tax on … competitive market characterised by uncertainty about the commodity price, if firms can respond to the revelation of demand …

;libertyquot; and resource mobility in the classical theory of value. It then analyzes the relationship between Smithian quot … between Smithian quot;liberty,quot; contestable market theory and market processes. Smith's simple concept of quot …;perfect libertyquot; is an essential component of perfect competition, contestable market theory, Austrian market processes, and indeed …