INVARIABLE CLASSICAL STABILITY OF ENTREPRENEURIAL DEMAND AND SUPPLY FUNCTIONS

作     者：Court, Louis M. 

作者机构：University of Chicago 

出 版 物：《QUARTERLY JOURNAL OF ECONOMICS》 (经济学季刊)

年 卷 期：1941年第56卷第1期

页      面：134-144页

核心收录：

学科分类：02[经济学] 0201[经济学-理论经济学] 

主　　题：Supply Commodities Entrepreneurs Mathematical functions Derived demand Matrices Application programming interfaces Second partial derivative 

摘      要：The object of the present article is to prove that entrepreneurial demand and supply functions are always stable in the light of economist John Richard Hicks extensions. Entrepreneurial demand functions are the derived demand functions of an entrepreneur enjoying unlimited credit for factors of production. Entrepreneurial supply functions are the supply functions of an entrepreneur operating under analogous conditions. The invariable stability of entrepreneurial demand and supply functions is surprising, since demand and supply functions in general, including consumer demand functions and restricted supply functions, are rarely, if ever, stable. A theory of entrepreneurial supply functions can be modeled on the theory of entrepreneurial demand functions. Properly speaking, all supply functions are entrepreneurial. But the chief difference between entrepreneurial and consumer demand theories is that in the former the entrepreneur enjoys unlimited credit and is, therefore, hedged in by no restrictions whereas in the latter the consumer is subject to a budgetary limitation.