Evolution and Refinement of the Concept of Supply and Demand from Cournot to Marshall

The law of supply and demand can be restated in mathematical language. Fleeming Jenkin did this. As one looks at the correspondence between the economists of an eighty year period (Cournot to Marshall), thinking can be clarified on the discussion of supply and demand. | Relationships are shown between these economists. There are similarities as well as differences in their thinking. | Disagreements on terminology pertaining to utility theory is evident between Jevons, Walras, and Menger. Priority on thoughts about utility was claimed and disputed between Jevons and Walras. Marshall was annoyed by Jevons' theory. | Marshall, Walras, and Mill were all directed by their fathers in the classics. Lecturing at various universities was common for Jevons, Marshall, Walras, and Menger. Some however were not trained economists. Examples of these were Jenkin, Cournot, and von Thunen. Jevons, Menger, and Walras were the founders of the Marginal Utility School. | The economists are not discussed according to the chronological time in which they lived. Instead, they are discussed according to anticipated parts of marginal doctrine. Within a period of four years, Walras, Menger, and Jevons reached similar conclusions while working independently. Marshall refined previous definitions and laws of elasticity, supply and demand.

Grantor dc:publisher

Creighton University

Year dc:date.issued

1974

Author dc:creator

• McDermott, Ray

Advisor dc:contributor.advisor

• No Advisor Listed

Statement dc:rights

• A non-exclusive distribution right is granted to Creighton University and to ProQuest following the publishing model selected above.

Language dc:language.iso

en_US

Handle dc:identifier.uri

http://hdl.handle.net/10504/115487

OAI identifier oai:identifier

oai:cdr.creighton.edu:10504/115487