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- Title
MARSHALL'S RULES FOR DERIVED DEMAND: A CRITIQUE AND A GENERALISATION.
- Authors
Pemberton, James
- Abstract
The article presents a criticism and a generalization of Marshall's rules for derived demand. The standard approach establishes the four rules by partial differentiation of the Marshall's first rule: the higher is the elasticity of substitution between the two factors. However, although this is very well established in the literature, it is nonetheless a rather peculiar procedure. Unconstrained partial differentiation of the first rule with respect to its RHS variables would normally imply that the latter are exogenous in the context being considered, which is typically an individual firm.
- Subjects
SUPPLY &; demand; ECONOMIC demand; PRODUCTION (Economic theory); MARKET potential; DEMAND for money; SCARCITY; DEMARKETING; ELASTICITY (Economics); CONSUMPTION (Economics); INELASTIC demand
- Publication
Scottish Journal of Political Economy, 1989, Vol 36, Issue 4, p396
- ISSN
0036-9292
- Publication type
Article
- DOI
10.1111/j.1467-9485.1989.tb01103.x