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.
Friede Gard Lecture 03 The Market Demand Curve
Friede Gard Lecture 03 The Market Demand…
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.