Theory of Markets

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Focusing on spatial arbitrage, this book delves into the fundamental mechanisms of commodity markets, specifically examining price fluctuations in single commodity markets. It intentionally sets aside complex factors like quotas and exchange rates to clarify the core processes of trade and spatial transactions. By simplifying the study, the author systematically models spatial differentials and their connection to trade volume in both equilibrium and non-equilibrium scenarios. The exploration of "analytical economics" will be addressed in the concluding chapter.