Friede Gard Lecture 03 The Market Demand Curve

The vision of consumers as utility-maximizers, and the downward sloping market demand curve--so that the quantity demanded of a product rises as its price falls--both seem so plausible. 

But the former has been contradicted by a very well-structured experiment, while the latter cannot be derived mathematically without incorporating the distribution of income as a fundamental aspect of economics--and Neoclassical microeconomics ignores the distribution of income.

Building a New Economics is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

0 Comments
Building a New Economics
Building a New Economics
Authors
Steve Keen