Economics Dictionary of ArgumentsHome
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| Demand: In economics, demand refers to the quantity of a good or service that consumers are willing and able to purchase at various prices. It is represented by a demand curve, which shows the inverse relationship between price and quantity demanded. See also Price, Markets._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Wassily Leontief on Demand - Dictionary of Arguments
Kurz I 12 Supply/Demand/Leontief/Kurz: (…) one of the main messages of Leontief’s 1928 paper(2) was that relative prices can be determined exclusively in terms of the observable amounts of commodities that are respectively produced and used up during a year - without any reference to demand and supply. This was an important finding of Leontief’s maiden paper. Unfortunately, he did not pursue much further the line of thought upon which it was based. Concerned with applying the new tool of input–output to practical problems made him put on one side, and eventually lose sight of, certain properties of the economic system. Value/distribution/Leontief: This applied first and foremost to the problem of value and distribution and the role the physico-economic scheme of production played with regard to it. While at the centre of interest in his 1928 essay(1), this problem disappeared from the scene, or rather was eventually replaced by given ‘value added’ coefficients in Leontief’s price equations (see Leontief, 1941)(2). Prices/VsLeontief: The difficulty with this approach is that the magnitudes of value added per unit of output in the different industries cannot generally be determined prior to, and independently of, the system of prices. In this conceptualization the constraint binding changes in the distributive variables shaped by the system of production in use, and the dependence of relative prices on income distribution - facts stressed by Leontief in his 1928 paper - are removed from the scene. 1. Leontief, W. (1928) Die Wirtschaft als Kreislauf, Archiv für Sozialwissenschaft und Sozialpolitik, 60, pp. 577–623. 2. Leontief, W. (1941) The Structure of American Economy (Cambridge, MA: Harvard University Press). Heinz D. Kurz and Neri Salvadori 2015. „Input–output analysis from a wider perspective. A comparison of the early works of Leontief and Sraffa“. In: Kurz, Heinz; Salvadori, Neri 2015. Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). London, UK: Routledge._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Leontief I Wassily Wassilyevich Leontief Die Wirtschaft als Kreislauf, Archiv für Sozialwissenschaft und Sozialpolitik, 60, pp. 577–623. 1928 Kurz I Heinz D. Kurz Neri Salvadori Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). Routledge. London 2015 |
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