ALFRED MARSHALL'S CARDINAL THEORY OF VALUE: THE STRONG LAW OF DEMAND By
نویسندگان
چکیده
We show that all the fundamental properties of competitive equilibrium in Marshall’s cardinal 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. That is, existence, uniqueness, optimality, and global stability of equilibrium prices with respect to tatonnement price adjustment follow from the cyclical monotonicity of the market demand function in the Marshallian general equilibrium model.
منابع مشابه
Alfred Marshall's Cardinal Theory of Value: the Strong Law of Demand
We show that all the fundamental properties of competitive equilibrium in Marshall’s cardinal 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. That is, existence, uniqueness, optimality, and global stability of equilibrium prices with respect to tatonnement price adjustment follow from the cyclica...
متن کاملPHD THESIS SUMMARY: The psychological foundations of Alfred Marshall’s economics: an interpretation of the relationship between his early research in psychology and his economics
Alfred Marshall (1842-1924) was one of the earliest professional economists at the University of Cambridge in the nineteenth century, and a founder of the Cambridge School of economics which nurtured leading economists such as A. C. Pigou and J. M. Keynes. However, in his early research, before becoming a professional economist, Marshall explored what psychology had to say about the human facul...
متن کاملIrrigation Water Pricing in Iran: The Gap between Theory and Practice
Pricing policies play an important role in water demand management and its optimal allocation. Determining proper water price leads to optimal allocation of water especially in agricultural consumptions. Applying new subsidy targeting law in Iran which insists on pricing water based on its supply cost, will effects considerably on water resource management in agriculture sector. So, in this stu...
متن کاملThe Origin and Limitations of Modern Mathematical Economics: A Historical Approach
We have first demonstrated that Debreu’s view regarding the publication of The Theory of Games and Economic Behavior by von Neumann and Morgenstern in 1944 as the birth of modern mathematical economics is not convincing. In this paper, we have proposed the hypothesis that the coordinated research programs in the 1930’s, initiated by the Econometric Society and the Cowles Commission for Research...
متن کاملA MODIFIED THEORY OF NEWTONIAN MECHANICS
A specific form of the inertial law is presented by which we can gain a deeper insight into the essence of mass and inertia. In this modified theory, there is no need to keep the concept of absolute space and Newton's third law as principles, By introducing a convenient form for gravitational law the coupling constant G becomes a function of inertial parameters of the universe
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
دوره شماره
صفحات -
تاریخ انتشار 2013