About This Quote
Determinants of prices have their effect only through the medium of the subjective estimates of individuals. This is a statement expressing uncertainty about the actions of economic agents. Here, "determinants" are characteristics that are thought to influence economic behavior. The idea is that there are many characteristics that would influence an individual's price estimate, but most are meaningless differences between individuals. If the individual has no basis for comparing the characteristics, then he will not be influenced by them.
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