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Marshall's Theory of Value and the Strong Law of Demand

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Author Info
Donald J. Brown () (Department of Economics, Yale University)
Caterina Calsamiglia (Universitat Autonoma de Barcelona)

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Abstract

We show that all the fundamental properties of competitive equilibrium in Marshall's 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. This is, existence, uniqueness, optimality, global stability of equilibrium prices with respect to tantonnement price adjustment and refutability follow from the cyclical monotonicity of the market demand function in the Marshallian general equilibrium model.

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File URL: http://cowles.econ.yale.edu/P/cd/d16a/d1615.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1615.

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Length: 8 pages
Date of creation: Jul 2007
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Handle: RePEc:cwl:cwldpp:1615

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Related research
Keywords: Partial equilibrium analysis; Short run equilibrium; Strong law of demand; Cyclical monotonicity; Legendre-Frenchel duality;

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Find related papers by JEL classification:
B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (includes Austrian, Marshallian, Walrasian)
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. John K.-H. Quah, 2000. "The Monotonicity of Individual and Market Demand," Econometrica, Econometric Society, vol. 68(4), pages 911-930, July.
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  2. Hildenbrand, Werner, 1983. "On the "Law of Demand."," Econometrica, Econometric Society, vol. 51(4), pages 997-1019, July. [Downloadable!] (restricted)
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