Abstract
Ever since the publication of Principles (Marshall, 1890), the Marshallian assumption that the marginal utility of money is constant has been the source of many debates and confusions. Consequently, the Marshallian demand function has been interpreted in different ways by different authors. Some of the exponents of the Marshallian demand theory (e.g. Samuelson, 1942; Green, 1971) assume a Paretian framework, in which the consumer shops for the day with a predetermined expenditure level. They derive the form of the utility function that is consistent with the assumption that the marginal utility of mone'y (expenditure) is invariant with respect to the prices the consumer has to pay. This is essentially a Paretian exercise, the origin of
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