Not a Single S&D Model: The Friedman-Stigler Double-Ceiling Theory
11 Pages Posted: 27 Jul 2014 Last revised: 23 May 2015
Date Written: July 26, 2014
Abstract
This paper reviews many economics theories only to find that not a single theory has used the supply and demand (S&D) model. This disappointment contrasts sharply with the prevalent use of such model by many unsophisticated people, including many lip-service economists. Instead of throwing out such model, this paper argues that people should respect it and refrain from tampering it.
Keywords: Demand, Supply
JEL Classification: A10
Suggested Citation: Suggested Citation
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