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The Importance of Being Unimportant: Marshall's Third Rule of Derived Demand

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  • Peirson, John

Abstract

J. 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 Info

Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

Volume (Year): 35 (1988)
Issue (Month): 2 (May)
Pages: 105-14

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Handle: RePEc:bla:scotjp:v:35:y:1988:i:2:p:105-14

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Cited by:
  1. 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.

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