Does the Consumer Benefit from Price Instability?

Frederick V. Waugh

The Quarterly Journal of Economics, 1944, vol. 58, issue 4, 602-614

Abstract: A new theorem: consumers harmed by price stability, 602. — I. Related propositions: consumer's surplus and price stability, 602. — II. The general case, 605. — III. Indifference curve analysis, 606. — IV. The theorem in its most general form, 608. — V. The meaning of the above results: "common sense," 609; offsetting price changes, 609; semi-luxuries, 610; extreme cases, 610; producers or sellers, 610; character of the demand function, 611; quantities sold, 611; adjustment of expenditures, 613; advance knowledge of prices, 613.

Date: 1944
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