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Long‐Run Rising Supply Price And The Numéraire

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  • Arrigo Opocher
  • Ian Steedman

Abstract

When a set of industries is kept in long‐run equilibrium, it is never possible to change just one price at a time. But when various (or all) prices are changing, the direction of change of any one price can depend on the numéraire adopted. What does it mean, then, to say that a long‐run supply curve is upward (or downward) sloping? Can this qualitative property be independent of the numéraire in terms of which the product price is being measured? In general, it cannot.

Suggested Citation

  • Arrigo Opocher & Ian Steedman, 2008. "Long‐Run Rising Supply Price And The Numéraire," Metroeconomica, Wiley Blackwell, vol. 59(1), pages 74-84, February.
    • Handle: RePEc:bla:metroe:v:59:y:2008:i:1:p:74-84
    DOI: 10.1111/j.1467-999X.2007.00292.x
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    References listed on IDEAS

    as
    1. Jacob L. Mosak, 1938. "Interrelations of Production, Price, and Derived Demand," Journal of Political Economy, University of Chicago Press, vol. 46, pages 761-761.
    2. Arrigo Opocher & Ian Steedman, 2008. "The industry supply curve: Two different traditions," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 15(2), pages 247-274.
    3. J. R. Hicks, 1934. "A Note on the Elasticity of Supply," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 2(1), pages 31-37.
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