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

Donald J. Brown () and Caterina Calsamiglia
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Donald J. Brown: Department of Economics, Yale University, https://economics.yale.edu/people/emeritus/donald-j-brown

No 1615, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: 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.

Keywords: Partial equilibrium analysis; Short run equilibrium; Strong law of demand; Cyclical monotonicity; Legendre-Frenchel duality (search for similar items in EconPapers)
JEL-codes: B13 C62 D11 D51 (search for similar items in EconPapers)
Pages: 8 pages
Date: 2007-07
New Economics Papers: this item is included in nep-hpe and nep-mic
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Working Paper: Marshall's Theory of Value and the Strong Law of Demand (2007)
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