On the Confirmation of the Law of Demand
The paper relates the microeconomic law of demand to the theories of empirical confirmation that are developed by Hempel and Popper, respectively. After restating the Hicksian basis of consumer theory and stressing that this theory has never subjected the law to a rigorous test, the paper analyzes Hildenbrand's novel contribution. In Market Demand (1994), Hildenbrand offers an original derivation of the law of demand to the market, with a view of making it eventually possible to test the law. The article shows that Hildenbrand's approach makes sense within a neo-Hempelian, as opposed to a Popperian, outlook on empirical confirmation, and it uses the case itself to argue for the former against the latt.
|Date of creation:||2005|
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- George J. Stigler, 1947. "Notes on the History of the Giffen Paradox," Journal of Political Economy, University of Chicago Press, vol. 55, pages 152.
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