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The Marshallian demand curve revisited

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  • Marek Hudik

Abstract

Did Marshall assume a compensated or an uncompensated demand curve? I argue that it was neither: I show that the Marshallian demand curve is a willingness-to-pay curve derived under the assumption that all prices and income are held constant. This curve approximates both compensated and uncompensated demand curves only if expenditure on the good in question represents a negligible part of the consumer budget. I argue that my interpretation, highlighting the approximate character of Marshall’s approach, provides a more accurate account of the Marshallian demand curve than do alternative interpretations that rely on the utility-maximization framework and mathematical exactness.

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  • Marek Hudik, 2020. "The Marshallian demand curve revisited," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 27(1), pages 108-130, January.
    • Handle: RePEc:taf:eujhet:v:27:y:2020:i:1:p:108-130
    DOI: 10.1080/09672567.2019.1651361
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    Cited by:

    1. Andrea Salanti, 2020. "All That Glitters Is Not Gold: The Case of Mainstream Pluralism," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 54(2), pages 287-310, December.

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