Law of Demand, forthcoming in the New Palgrave Dictionary of Economics

  • Michael Jerison
  • Published 2006
We formulate several laws of individual and market demand and describe their relationship to neoclassical demand theory. The laws have implications for comparative statics and stability of competitive equilibrium. We survey results that offer interpretable sufficient conditions for the laws to hold and we refer to related empirical evidence. The laws for… CONTINUE READING