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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Marginalism on Demand - Dictionary of Arguments
Kurz I 259 Demand/Supply/Neoclassical Economics/Marginalism/Kurz: The method which marginalist economists, (…) generally adopted up till the 1930s was the long-period method inherited from the classical authors. However, with their fundamentally different kind of analysis - demand and supply theory - they encountered formidable problems. These originated with their concept of capital. The sought determination of income distribution in terms of the demand for and the supply of the different factors of production - labour, land and capital - necessitated that they specify the capital endowment of the economy at a given point in time in terms of a 'quantity of capital' that could be ascertained independently of, and prior to, the determination of relative prices and the rate of profits. >Growth/Neoclassical Economics, >Exogenous Growth/Neoclassical Economics, cf. >Growth/Classical Economics. Yet, as Erik Lindahl and others understood very well, this was possible only in the exceptionally special case of a corn model in which there was but a single capital good. In order to apply the demand and supply approach to all economic phenomena, neoclassical authors were thus compelled to abandon Kurz I 260 long-period analysis and develop (…) intertemporal (and temporary) equilibrium analysis. >Equilibrium, >Equilibirum theory/Neoclassical Economics, >New growth theory. Kurz, Heinz D. and Salvadori, Neri. „Endogenous growth in a stylised 'classical' model“.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. |
Marginalism 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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