The Marshallian demand curve revisited.
Did Marshall assume a compensated or an uncompensated demand curve? I argue that it was neither: I show that the Marshallian demand curve is a willingness-to-pay curve derived under the assumption that all prices and income are held constant. This curve approximates both compensated and uncompensate...
| Publicado en: | European Journal of the History of Economic Thought Vol. 27; no. 1; pp. 108 - 131 |
|---|---|
| Autor principal: | |
| Formato: | Artículo |
| Publicado: |
Taylor & Francis Ltd
Feb2020
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=141956978&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 141956978 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 09672567 5B6 jtl: European Journal of the History of Economic Thought issn: 09672567 maglogo: N pubinfo: dt: Feb2020 vid: 27 iid: 1 pid: 377 pub: Taylor & Francis Ltd artinfo: ui: 141956978 10.1080/09672567.2019.1651361 ppf: 108 ppct: 23 formats: tig: atl: The Marshallian demand curve revisited. aug: au: Hudik, Marek su: Demand function Neoclassical school of economics Willingness to pay Prices Income sug: subj: Demand function Neoclassical school of economics Willingness to pay Prices Income keyword: compensated demand marginal utility of money Marshallian demand curve uncompensated demand willingness to pay ab: Did Marshall assume a compensated or an uncompensated demand curve? I argue that it was neither: I show that the Marshallian demand curve is a willingness-to-pay curve derived under the assumption that all prices and income are held constant. This curve approximates both compensated and uncompensated demand curves only if expenditure on the good in question represents a negligible part of the consumer budget. I argue that my interpretation, highlighting the approximate character of Marshall's approach, provides a more accurate account of the Marshallian demand curve than do alternative interpretations that rely on the utility-maximization framework and mathematical exactness. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 2020 holdings: @attributes: islocal: N |
|---|