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The industry supply curve: Two different traditions

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  • Arrigo Opocher
  • Ian Steedman

Abstract

The present paper seeks to provide some new insights into the precise nature and the analytical foundations (or lack of them) of the familiar industry supply curve. We reconsider some fundamental phases of its historical evolution. Two different traditions are distinguished: one consists of the formalisations of Marshall's theory proposed by Barone and, later, by Pigou, Viner, Harrod and Robinson; the other consists of the models of Hicks and Allen, on the basis of ideas and criticism put forward by other London School of Economics scholars, like Kaldor and Robbins, in the mid-1930s. It is argued that the second tradition did not really remedy the weak aspects of the Marshallian theory of supply.

Suggested Citation

  • 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.
    • Handle: RePEc:taf:eujhet:v:15:y:2008:i:2:p:247-274
    DOI: 10.1080/09672560802037581
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    1. Peter Groenewegen, 1995. "A SOARING EAGLE: Alfred Marshall 1842–1924," Books, Edward Elgar Publishing, number 193.
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    Cited by:

    1. Christian Gehrke, 2019. "Three outstanding NOeG presentations: Morgenstern, Viner, and Menger on the laws of costs and returns," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 46(3), pages 519-535, August.
    2. Arrigo Opocher & Ian Steedman, 2008. "Long‐Run Rising Supply Price And The Numéraire," Metroeconomica, Wiley Blackwell, vol. 59(1), pages 74-84, February.
    3. Ignacio Esponda & Demian Pouzo, 2016. "The Industry Supply Function and the Long-Run Competitive Equilibrium with Heterogeneous Firms," Papers 1612.09549, arXiv.org, revised Sep 2019.
    4. Esponda, Ignacio & Pouzo, Demian, 2019. "The industry supply function and the long-run competitive equilibrium with heterogeneous firms," Journal of Economic Theory, Elsevier, vol. 184(C).
    5. Katharina Elisabeth Fischer & Tom Stargardt, 2016. "The diffusion of generics after patent expiry in Germany," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 17(8), pages 1027-1040, November.

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