The ever changing value of commodities in the provisional market equilibrium marks their price. The presence of deficits and surpluses reveals a changing relationship between the goods; which requires yet another redefinition of their value. Such unstable value cannot be their intrinsic value but always just a provisional value, and so the provisional market value of an economic good is its price. Commodity with a price enjoys full exchangeability of its quantity to some other commodity. The interminably adjusting price in the law of supply and the law of demand is the mean by which deficits and surpluses are undermined.
Please refer to other my posts for all notions in italic.
Historical Backdrop
• WILLIAM PETTY The Economic Writings: market price.
• ADAM SMITH The Wealth of Nations: market price.
• JOHN COMMONS Legal Foundations of Capitalism: nominal value.
• LUDWIG VON MISES Economic Calculation in the Socialist Commonwealth: pricing mechanism.
• FRIEDRICH HAYEK The Use of Knowledge in Society: the price as a coordinating mechanism.