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The Development of the Theory of Exchange


  • Creedy, J.


The aim of this paper is to provide an outline of the development of the theory of exchange, concentrating on the less well-known development of the formal model which culminated in the contribution of Edgeworth. The importance of exchange, viewed as the central economic problem for the early neoclassical economists, is stressed. Instead of taking a chronological approach, non-utility approaches are first discussed.

Suggested Citation

  • Creedy, J., 1998. "The Development of the Theory of Exchange," Department of Economics - Working Papers Series 605, The University of Melbourne.
  • Handle: RePEc:mlb:wpaper:605

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    References listed on IDEAS

    1. Christopher Worswick, 1996. "Immigrant Families in the Canadian Labour Market," Canadian Public Policy, University of Toronto Press, vol. 22(4), pages 378-396, December.
    2. Todaro, Michael P, 1969. "A Model for Labor Migration and Urban Unemployment in Less Developed Countries," American Economic Review, American Economic Association, vol. 59(1), pages 138-148, March.
    3. Stark, Oded & Bloom, David E, 1985. "The New Economics of Labor Migration," American Economic Review, American Economic Association, vol. 75(2), pages 173-178, May.
    4. Borjas, George J, 1985. "Assimilation, Changes in Cohort Quality, and the Earnings of Immigrants," Journal of Labor Economics, University of Chicago Press, vol. 3(4), pages 463-489, October.
    5. Harriet Orcutt Duleep & Seth Sanders, 1993. "The Decision to Work by Married Immigrant Women," ILR Review, Cornell University, ILR School, vol. 46(4), pages 677-690, July.
    6. Subbarao, K & Raney, Laura, 1995. "Social Gains from Female Education: A Cross-National Study," Economic Development and Cultural Change, University of Chicago Press, vol. 44(1), pages 105-128, October.
    7. Lucas, Robert E B & Stark, Oded, 1985. "Motivations to Remit: Evidence from Botswana," Journal of Political Economy, University of Chicago Press, vol. 93(5), pages 901-918, October.
    8. Knowles, James C. & Anker, Richard, 1981. "An analysis of income transfers in a developing country : The case of Kenya," Journal of Development Economics, Elsevier, vol. 8(2), pages 205-226, April.
    9. Tunali, Insan, 1996. "Migration and Remigration of Male Household Heads in Turkey, 1963-1973," Economic Development and Cultural Change, University of Chicago Press, vol. 45(1), pages 31-67, October.
    10. Fields, Gary S & Schultz, T Paul, 1982. "Income-Generating Functions in a Low Income Country: Colombia," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 28(1), pages 71-87, March.
    11. Hoddinott, John, 1994. "A Model of Migration and Remittances Applied to Western Kenya," Oxford Economic Papers, Oxford University Press, vol. 46(3), pages 459-476, July.
    12. Harris, John R & Todaro, Michael P, 1970. "Migration, Unemployment & Development: A Two-Sector Analysis," American Economic Review, American Economic Association, vol. 60(1), pages 126-142, March.
    13. Ghatak, Subrata & Levine, Paul & Price, Stephen Wheatley, 1996. " Migration Theories and Evidence: An Assessment," Journal of Economic Surveys, Wiley Blackwell, vol. 10(2), pages 159-198, June.
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    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade


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