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Subject:
HES: Re: QUERY--Why did Marshall reverse the axes?
From:
[log in to unmask] (James P. Henderson)
Date:
Fri Mar 31 17:18:50 2006
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    This traces back to Charles Davenant and Gregory King's early   
formulation on the effect on corn prices of a "defect in the supply of   
corn."  Their little table showed that  
  
A defect in the supply of 1/10 (caused) an increase in the price of 3/10  
A defect in the supply of 2/10 (caused) an increase in the price of 8/10  
A defect in the supply of 3/10 (caused) an increase in the price of 16/10  
etc.  
    This table shows up in any number of early sources -- especially   
Thomas Took's *High and Low Prices* etc.  
  
Jim Henderson  
                   
  
 

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