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Societies for the History of Economics <[log in to unmask]>
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R: Re: [SHOE] The reversed axes of supply and demand
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Nicola Giocoli <[log in to unmask]>
Date:
Fri, 4 Feb 2011 07:57:26 +0000
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To James: 
the point is WHO exactly changes the (perfectly competitive) market price? This is the weak point of the "price as the independent, y-axis variable" approach. The same question troubled no less than Ken Arrow in a 1962 (?) paper. 
And that's the reason Marshall focused on producers' quantity adjustments. 
Nicola Giocoli
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