The Importance of Being Unimportant: Marshall's Third Rule of Derived Demand
AbstractJ. R. Hicks's revision of A. Marshall's third rule states that as the price elasticity of demand for a pr oduct is greater/less than the elasticity of substitution, the elasti city of derived demand for a factor of production is positively/negat ively related to the share of the factor in total costs. A simple, cl ear, economic explanation of Hicks's revision is given. The very conf used debate on Marshall's third rule and Hicks's revision is ex-amine d and clarified. Copyright 1988 by Scottish Economic Society.
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Bibliographic InfoArticle provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.
Volume (Year): 35 (1988)
Issue (Month): 2 (May)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0036-9292
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- C. Baumeister & G. Peersman, 2008.
"Time-Varying Effects of Oil Supply Shocks on the US Economy,"
Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium
08/515, Ghent University, Faculty of Economics and Business Administration.
- Christiane Baumeister & Gert Peersman, 2013. "Time-Varying Effects of Oil Supply Shocks on the US Economy," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(4), pages 1-28, October.
- Christiane Baumeister & Gert Peersman, 2012. "Time-Varying Effects of Oil Supply Shocks on the U.S. Economy," Working Papers 12-2, Bank of Canada.
- Gert Peersman & Christiane Baumeister, 2009. "Time-Varying Effects of Oil Supply Shocks on the US Economy," 2009 Meeting Papers 171, Society for Economic Dynamics.
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