By Bid-Ask Spreads towards Competitive Equilibrium

Consider agents who just use markets and money to mediate trade and express economic interests. Suppose bid-ask spreads -- derived from generalized differentials -- drive and incite transactions. On that basis, this paper indicates good prospects for convergence towards competitive equilibrium. Presuming private property, main arguments hinge on three hooks: First, Fenchel conjugation to record profits or values added; second, aggregate convexity to support Pareto efficiency by prices; and third, absence of externalities to make total additions of value dwindle step by step.