In the present paper, we argue that the shape of any respectable demand curve must be monotonic(non-increasing). By doing so, we follow the footsteps of Murray Rothbard, who regarded the demand curve as derived from the law of diminishing marginal utility. However, our caveat is thatthe horizontal axis must represent the units of the same economic good. Equipped with the notionof the same economic good, we also argue that Giffen or Veblen goods do not pose any real problemfor analysis. Rather, they behave as any other good — that is the demand curve for them is also (andnecessarily) downward sloping
Dec 23, 2020
Jan 25, 2019
|The Giffen good — a praxeological approach||Dec 23, 2020|
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