Demand and Exchange in Economic Analysis provides a rare
combination of detailed analysis of a central area of economics
with the history of economic thought. The first part of the book
examines major attempts to treat mathematically the partial
equilibrium concept of demand conceived as a schedule. The second
part, after generalizing Cournot's model of trade in a single good,
traces the general equilibrium analysis of exchange. This adds to
the concept of a demand curve the fundamental interpretation of the
rate of exchange, or price ratio, in terms of the amount of one
good offered in return for a unit of another good. The similarity
in the treatments of Mill, Whewell, Marshall and Walras is revealed
along with the emphasis on multiple equilibria. Edgeworth's grand
synthesis and extension of Jevons's approach to exchange is then
discussed in detail. The book will be of interest to a wide range
of economists interested in placing modern theory in historical
perspective.
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