Marshall's Theory of Value and the Strong Law of Demand
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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References listed on IDEAS
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- John K.-H. Quah, 2000.
"The Monotonicity of Individual and Market Demand,"
Econometric Society, vol. 68(4), pages 911-930, July.
- Quah, J-K-H, 1996. "The Monotonicity of Individual and Market Demand," Economics Papers 127, Economics Group, Nuffield College, University of Oxford.
- Donald Brown & Caterina Calsamiglia, 2007. "The Nonparametric Approach to Applied Welfare Analysis," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 31(1), pages 183-188, April.
- Donald J. Brown & Caterina Calsamiglia, 2005. "The Nonparametric Approach to Applied Welfare Analysis," Cowles Foundation Discussion Papers 1507, Cowles Foundation for Research in Economics, Yale University.
- Hildenbrand, Werner, 1983. "On the "Law of Demand."," Econometrica, Econometric Society, vol. 51(4), pages 997-1019, July. Full references (including those not matched with items on IDEAS)
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