I would like to start this thread to ask and talk about the origins of important theories.
My first question is…
Who originated the DMVP-based factor pricing theory you find in MES?
the new school has a pretty good essay on the topic.
http://www.newschool.edu/nssr/het/essays/margrev/distrib.htm
as i understand it, you could potentially trace the basics of the concept all the way back to Ricardo. However, I dont think it really took its modern shape until John Bates Clark.
Thanks, Student.
Okay, how about supply/demand curve and equilibrium price analysis?
I would like to start this thread to ask and talk about the origins of important theories.
You mean you don’t know off the top of your head? Getting old, Lilburne?
But I second the topic, ver’ int’restin’.
Well I have been around since the 17th century. Oh, wait; wrong Lilburne, I forgot. Well they say the memory is the first thing that goes…
I think Marshall introduced the supply and demand curves with varying elasticity, but I’m not sure.
It goes back to Ricardo and his productivity schedules, but Wicksteed was the first one to explicitly express it mathematically and incorporate marginalism (which he showed was compatible with Ricardian distribution theory).
Cournot had supply and demand curves in his text from 1838. Does anyone know of an earlier example?