Marshall's Theory of Value and the Strong Law of Demand

We show that all the fundamental properties of competitive equilibrium in Marshall's 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. This is, existence, uniqueness, optimality, global stability of equilibrium prices with respect to tantonnement price adjustment and refutability follow from the cyclical monotonicity of the market demand function in the Marshallian general equilibrium model

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Year of publication:	[2007]
Authors:	Brown, Donald J.
Other Persons:	Calsamiglia, Caterina (contributor)
Publisher:	[2007]: [S.l.] : SSRN
Subject:	Spieltheorie \| Game theory \| Bayes-Statistik \| Bayesian inference \| Information \| Lernprozess \| Learning process \| Nichtkooperatives Spiel \| Noncooperative game

Extent:	1 Online-Ressource (9 p)
Series:	Cowles Foundation Discussion Paper ; No. 1615
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 2007 erstellt
Classification:	B13 - Neoclassical through 1925 ; C62 - Existence and Stability Conditions of Equilibrium ; D11 - Consumer Economics: Theory ; D51 - Exchange and Production Economies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012776601