Duncan, G. A. 'The determination of demand curves in relation to wheat'. - Dublin: Journal of the Statistical and Social Inquiry Society of Ireland,Vol. XV No. 4, 1933/1934, pp43-60
Journal of The Statistical and Social Inquiry Society of Ireland Vol. XV No. 4 1933/1934
The ultimate problem of economic analysis is the correlation of
variations in associated series of events; the determination whether
and to what degree a change in one series is associated with a change
in another or others, so that from a known change in the latter a
probable change in the former can be predicted; and the measurement
of the likelihood of that prediction being correct in any
particular case. Since the 1870's economic doctrine has been pervaded
by the general acceptance of one such correlation, and the
development of a structure of theory on it as a foundation: namely,
in general terms, an inverse correlation between quantities and prices.
By this is meant that, except in special circumstances, if a given
quantity of anything is offered freely for sale, the whole of it can
be cleared at a certain price per unit; if the quantity be increased,
the price will fall and if the quantity be decreased the price will rise.
The freedom of dealings in the market, the participants' opportunities
of knowledge of market conditions, the ease of communication
and transport between them—all the circumstances which economists
collect under the topic of the perfection or imperfection of the
market—will affect the rapidity and precision with which the
clearance price is attained; its stability when reached, so long as
the conditions which evoked it remain unchanged; and its ease and
accuracy of readjustment to new conditions when they emerge.
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