Rising Supply Price

  • Peter Newman
Part of the The New Palgrave book series (NPA)

Abstract

‘Rising supply price’ is a name that partial equilibrium theorists give to their encounters with general equilibrium reasoning. Such encounters must have occurred ever since economics began but for us the story begins in 1912 with Pigou, who asserted that:

in industries of increasing returns the supply price is greater than the marginal supply price; in industries of diminishing returns the supply price is less than the marginal supply price …. It follows that, other things being equal, in industries of increasing returns the marginal net product of investment tends to exceed, and in industries of diminishing returns to fall short of, the marginal net product yielded in industries in general (1912, pp. 176–7).

Keywords

Expense Defend Culmination Prose 

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Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Limited 1991

Authors and Affiliations

  • Peter Newman

There are no affiliations available

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