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:
Robert Vienneau writes Austrian Capital Theory And Triple-Switching In The Corn-Tractor Model
Mike Norman writes The Accursed Tariffs — NeilW
Mike Norman writes IRS has agreed to share migrants’ tax information with ICE
Mike Norman writes Trump’s “Liberation Day”: Another PR Gag, or Global Reorientation Turning Point? — Simplicius
|