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 cyclical monotonicity of the market demand function in the Marshallian general equilibrium model.

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Year of publication:	2007-07
Authors:	Brown, Donald J. ; Calsamiglia, Caterina
Institutions:	Cowles Foundation for Research in Economics, Yale University
Subject:	Cardinal utility \| Quasilinear utility \| Cyclical monotonicity

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Extent:	application/pdf
Series:	Cowles Foundation Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	The price is None Number 1615R 7 pages
Classification:	B13 - Neoclassical through 1925 ; D11 - Consumer Economics: Theory ; D51 - Exchange and Production Economies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010895660