Open Access
Subscription Access
Open Access
Subscription Access
Theory of Demand
Subscribe/Renew Journal
This is an expository article. It states and explains the Marshalian theory of demand based on the assumption of cardinal utility. Various ambiguities in Marshall's formulation are discussed. On this background is then described the new demand theory based on in-difference curves. Here also several ambiguities are discussed and explained. The income and substitution effects of a price change are explained in a different way from that of Hicks and why Hick's exposition in this connection is not satisfactory is discussed.
Subscription
Login to verify subscription
User
Font Size
Information
Abstract Views: 306
PDF Views: 0