A comment on the law of supply and demand

Graduate economics departments have largely abandoned the law of supply and demand (henceforth, The Law). Nevertheless, The Law continues to be taught in all undergraduate economics programs, and it is accepted as the fundamental law of price throughout the world. This paper explains how the modern...

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Autor principal:	M. Northrup Buechner
Formato:	article
Lenguaje:	DE EN FR
Publicado:	Editura ASE Bucuresti 2018
Materias:	supply demand competition oligopoly market structure Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/8f1ad2b021c4462b977934d1753f4798
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spelling	oai:doaj.org-article:8f1ad2b021c4462b977934d1753f47982021-12-02T10:08:11ZA comment on the law of supply and demand1843-22981844-8208https://doaj.org/article/8f1ad2b021c4462b977934d1753f47982018-05-01T00:00:00Z https://jpe.ro/pdf.php?id=8007 https://doaj.org/toc/1843-2298https://doaj.org/toc/1844-8208Graduate economics departments have largely abandoned the law of supply and demand (henceforth, The Law). Nevertheless, The Law continues to be taught in all undergraduate economics programs, and it is accepted as the fundamental law of price throughout the world. This paper explains how the modern conceptions of demand and supply as schedules have driven The Law from graduate economics. A reinterpretation of the meaning of supply and demand is suggested as the basis for bringing The Law back into the corpus of economic theory, that is, supply and demand should be conceived of the same way Adam Smith and the whole classical school conceived of them—as simple quantities.M. Northrup BuechnerEditura ASE Bucurestiarticlesupplydemandcompetitionoligopolymarket structureEconomics as a scienceHB71-74DEENFRJournal of Philosophical Economics, Vol XI, Iss 2, Pp 67-80 (2018)
institution	DOAJ
collection	DOAJ
language	DE EN FR
topic	supply demand competition oligopoly market structure Economics as a science HB71-74
spellingShingle	supply demand competition oligopoly market structure Economics as a science HB71-74 M. Northrup Buechner A comment on the law of supply and demand
description	Graduate economics departments have largely abandoned the law of supply and demand (henceforth, The Law). Nevertheless, The Law continues to be taught in all undergraduate economics programs, and it is accepted as the fundamental law of price throughout the world. This paper explains how the modern conceptions of demand and supply as schedules have driven The Law from graduate economics. A reinterpretation of the meaning of supply and demand is suggested as the basis for bringing The Law back into the corpus of economic theory, that is, supply and demand should be conceived of the same way Adam Smith and the whole classical school conceived of them—as simple quantities.
format	article
author	M. Northrup Buechner
author_facet	M. Northrup Buechner
author_sort	M. Northrup Buechner
title	A comment on the law of supply and demand
title_short	A comment on the law of supply and demand
title_full	A comment on the law of supply and demand
title_fullStr	A comment on the law of supply and demand
title_full_unstemmed	A comment on the law of supply and demand
title_sort	comment on the law of supply and demand
publisher	Editura ASE Bucuresti
publishDate	2018
url	https://doaj.org/article/8f1ad2b021c4462b977934d1753f4798
work_keys_str_mv	AT mnorthrupbuechner acommentonthelawofsupplyanddemand AT mnorthrupbuechner commentonthelawofsupplyanddemand
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A comment on the law of supply and demand

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