"The current emphasis on price policy, as against price, as a proper object of study represents recent economic reflection on the significance of expectations, uncertainties, market control, and the position of price as one among many selling terms. Policy implies some degree of control over the course of events and, at the same time, the use of judgment as to the probable consequences of alternative lines of action. In perfect markets, whether monopolistic or competitive, price is hardly a matter of judgment and where there is no judgment there is no policy. The area of price policy, then, embraces the deliberative action of buyers and sellers able to influence price; that is to say, it covers practically the whole field of industrial prices."
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Academics from the United StatesHarvard University alumniEconomists from the United StatesHarvard University facultyPeople from Iowa
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Edward S. Mason
(February 22, 1899 – February 29, 1992) was an American economist and professor at Harvard University. He was the Dean of the Graduate School of Public Administration, now known as the John F. Kennedy School of Government, from 1947 to 1958. He was the president of the American Economic Association in 1962. He became known for his work in industrial organization, an area in which provided direct inspiration to Joe Bain for his SCP model, and in development economics.
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