How to Get Rid of Demand–Supply–Equilibrium for Good
The present paper provides a substantial re-conceptualization of the serial clearing of the product market on the basis of structural axioms. This change of premises is required simply because from the accustomed premises only the accustomed conclusions can be derived and these are known to be inapplicable in the real world. This holds in particular for the still popular idea that the working of a market can be described in terms of the triad demand function– supply function–equilibrium. Structural axiomatization provides the complete and consistent picture of interrelated product market events.
|Date of creation:||12 May 2003|
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