Abstract
ABSTRACTThis study argues that the supply-and-demand apparatus of the ‘Marshallian cross’ is an unsatisfactory representation of actual supply and demand forces, which are better characterized in the manner of the classical economists. Most particularly the rising supply function but also the conventional demand function, are shown to have no compelling general theoretical justification. There is no plausible basis for a presumption in favour of the former—other than the marginal productivity theory of factor pricing, which is itself unsatisfactory. Multiple reasons are suggested for the rise of the apparatus of supply-and-demand functions, notwithstanding its intrinsic implausibility. The classical conception of supply-and-demand is restated and reaffirmed.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
