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An Economic Analysis Of The Development Of Substitutes With Some Illustrative Examples And Implications For The Beef Industry

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  • Spriggs, John

Abstract

There are three main parts to this paper. The first concerns the adaptation of conventional demand and supply theory to explain why and when the development of substitutes occurs. The second part is a discussion of four examples of substitutes that appear to have completed their developmental process. This is to see how the theory fares in practice. In the third part, implications of the theory are drawn for the beef industry which recently had its first serious encounter with substitutes.

Suggested Citation

  • Spriggs, John, 1975. "An Economic Analysis Of The Development Of Substitutes With Some Illustrative Examples And Implications For The Beef Industry," Staff Papers 13328, University of Minnesota, Department of Applied Economics.
    • Handle: RePEc:ags:umaesp:13328
    DOI: 10.22004/ag.econ.13328
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    References listed on IDEAS

    as
    1. Schmookler, Jacob, 1962. "Economic Sources of Inventive Activity," The Journal of Economic History, Cambridge University Press, vol. 22(1), pages 1-20, March.
    2. Kamien, Morton I & Schwartz, Nancy L, 1972. "Timing of Innovations Under Rivalry," Econometrica, Econometric Society, vol. 40(1), pages 43-60, January.
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