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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Bibliographic Details
Published inThe journal of philosophical economics Vol. XI; no. 2; pp. 67 - 80
Main Author Buechner, M. Northrup
Format Journal Article
LanguageEnglish
German
Published Rosetti International Publishing House 01.05.2018
Editura Rosetti International
Editura ASE Bucuresti
Subjects
competition
demand
Economy
market structure
oligopoly
Philosophy
Social Sciences
supply
competition
supply
demand
oligopoly
market structure
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Summary: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.
ISSN:1843-2298
1844-8208