by Summary:
This second lecture covers the standard exposition of supply and demand theory, and then explains how the individual demand curve is derived, which obeys the so-called “Law of Demand”, that demand necessarily falls for a product when its relative price rises. I then cover the Sonnenschein-Mantel-Debreu theorem, which shows that this “Law” does not survive ...
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Steve Keen considers the following as important:
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This second lecture covers the standard exposition of supply and demand theory, and then explains how the individual demand curve is derived, which obeys the so-called “Law of Demand”, that demand necessarily falls for a product when its relative price rises. I then cover the Sonnenschein-Mantel-Debreu theorem, which shows that this “Law” does not survive ...
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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