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Alfred Marshall's Cardinal Theory of Value: The Strong Law of Demand

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  • Donald Brown
  • Caterina Calsamiglia

Abstract

We show that all the fundamental properties of competitive equilibrium in Marshall's cardinal theory of value, as presented in Note XXI of the mathematical appendix to his Principles of Economics (1890), derive from the Strong Law of Demand. That is, existence, uniqueness, optimality, and global stability of equilibrium prices with respect to tatonnement price adjustment follow from the cyclical monotonicity of the market demand function in the Marshallian general equilibrium model.

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Paper provided by David K. Levine in its series Levine's Working Paper Archive with number 786969000000000760.

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Date of creation: 19 Sep 2013
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Handle: RePEc:cla:levarc:786969000000000760

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  1. Marshall, Alfred, 1890. "The Principles of Economics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, number marshall1890.
  2. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780195102680, October.
  3. Donald J. Brown & Caterina Calsamiglia, 2005. "The Nonparametric Approach to Applied Welfare Analysis," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1507, Cowles Foundation for Research in Economics, Yale University.
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