Economics is concerned with quantities of goods or factors and their prices. Goods or factors are bought and sold on markets ; one group of persons or organisations is buying, another group is selling on each market. In this chapter, a market for a particular good or factor is considered and the only aggregation is of buyers into a group and of sellers into a group. Further aggregation, over different goods or factors and over different markets, is left for later chapters. Such aggregation, which raises problems of valuation, of summing the products of quantities and prices, is best avoided in a first analysis.
KeywordsIncome Explosive Baumol
Unable to display preview. Download preview PDF.
- Baumol (W. J.) (1951) : Economic Dynamics (Macmillan, 1951), Chapter 7.Google Scholar
- Evans (G. C.) (1930) : Mathematical Introduction to Economics (McGraw-Hill, 1930), Chapter IV.Google Scholar
- Hansen (Bent) (1951) : A Study in the Theory of Inflation (Allen and Unwin, 1951).Google Scholar
- Koyck (L. M.) (1954) : Distributed Lags and Investment Analysis (North-Holland, Amsterdam, 1954), Chapter II.Google Scholar
- Leontief (W. W.) (1948) : “ Econometrics ” in A Survey of Contemporary Economics (Edited by Howard S. Ellis) (Vol. I, Blakiston, 1948).Google Scholar
- Samuelson (P. A.) (1947) : Foundations of Economic Analysis (Harvard, 1947), Chapter IX.Google Scholar
- Wold (H. O. A.) (1951) : “ Dynamic Systems of the Recursive Type ”, Sankhyā, 11, 205–16.Google Scholar
- Wold (H. O. A.) and Jureen (L.) (1953): Demand Analysis (Wiley, 1953.)Google Scholar