His research was centered around a large program dedicated to the theory and estimation of private demand for goods functions, a project which started in the early 1920s, during his studies at the University of Chicago, and was completed shortly before his death with the publication of his highly influential book Schultz(1938).
Air Supply | Video on demand | video on demand | Ministry of Supply | water supply | Supply of Goods and Services Act 1982 | Thomas Demand | New York City water supply system | Aqueduct (water supply) | Switched-mode power supply | supply and demand | Excelsior Motor Manufacturing & Supply Company | Brihanmumbai Electric Supply and Transport | Water supply | Vinyl On Demand | View-Master factory supply well | Uninterruptible power supply | Supply, North Carolina | print on demand | Power supply | Payment on Demand | In Demand | HMS Supply | Grain supply to the city of Rome | Goldfields Water Supply Scheme | Donna on Demand | DHL Supply Chain | ABC Supply | Water supply and sanitation in the United States | Water supply and sanitation in Saudi Arabia |
The game featured some role-playing video game elements, such as leveling up after completing tasks (e.g. winning races), and a functional, supply and demand economy for players to get involved in.
This was followed by the Meditazioni sull'economia politica ("Meditations on Economic Politics", 1771), where he enunciated the laws regulating supply and demand (also in mathematical form), explained the role of money as "universal good", and supported laissez-faire in trade, arguing that balance of payments equilibrium is achieved by GDP adjustments rather than by exchange rate adjustments; as such, he was a precursor of both Adam Smith and marginalism.
In either of the first two scenarios, the combination of the spiral and the supply and demand curves often looks like a cobweb, hence the name of the theory.
Neoclassical economics also follows this lead — and that of Jevons, Menger, and Walras — from the 1870s and discards the LTV in favour of general equilibrium theory, which determines prices based on the interaction of preferences, technology and endowments through supply and demand.