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Disequilibrium Market Adjustment: Marshall Revisited. A Rejoinder

In: Money and Employment

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  • Louise Davidson

Abstract

Sampson contends that the results of Figure 2 in my paper (Davidson, 1974, p. 151) where the spot price (p s ) exceeds the forward price (p f ) ‘only holds under a special form of market segmentation’, i.e. that my analysis and diagram is not a general case. If Sampson’s argument is that p s > p f only under certain conditions, there is no argument between use. I have already stated (pp. 151–2) that ‘this situation (where p s > p f ) is known as backwardation’ and I have indicated that other situations, known as ‘contango market situations where no production occurs’ were not analysed in this paper (p. 149).1

Suggested Citation

  • Louise Davidson, 1990. "Disequilibrium Market Adjustment: Marshall Revisited. A Rejoinder," Palgrave Macmillan Books, in: Louise Davidson (ed.), Money and Employment, chapter 35, pages 497-500, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11513-6_36
    DOI: 10.1007/978-1-349-11513-6_36
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