X-Nico

unusual facts about supply and demand


Henry Schultz

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).


Motor City Online

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.

Pietro Verri

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.


see also

Cobweb model

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.

Criticisms of the labour theory of value

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.