“L. Walras first formulated the state of the economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers and the equilibrium condition that supply equal demand on every market.”

— Kenneth Arrow

Source: 1950s-1960s, "Existence of an equilibrium for a competitive economy." 1954, p. 265

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Kenneth Arrow 37

American economist 1921–2017

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“L. Walras first formulated the state of the economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers and the equilibrium condition that supply equal demand on every market.”

Gérard Debreu (1921–2004) French economist and mathematician

Arrow, Kenneth J., and Gerard Debreu. " Existence of an equilibrium for a competitive economy http://cowles.econ.yale.edu/P/cp/p00b/p0087.pdf." Econometrica: Journal of the Econometric Society (1954): p. 265

“The object of this paper is fivefold. The first objective is to derive a practical system of demand equations which possess properties usually considered desirable from the standpoint of elementary economic theory. The second is to consider the statistical problems involved in applying the system of equations. The third is to analyse the pattern of demand for consumers' goods in terms of this system on the basis of annual data relating to the United Kingdom over the years 1920-38. The fourth is to compare the results of this system, and systems like it, with the actual state of demand in 1900. Finally, the fifth is to compare the post-war structure of demand with what might be expected from the inter-war relationshipp under free-market condition.”

Richard Stone (1913–1991) British economist, Nobel Memorial Prize winner

Stone, Richard. " Linear expenditure systems and demand analysis: an application to the pattern of British demand http://www.jstor.org/discover/10.2307/2227743?uid=3738736&uid=2&uid=4&sid=21104302232953." The Economic Journal (1954): 511-527.

“In the first place, economic theory provides a comparatively detailed specification of the demand relationships for individual consumers' goods, but is by no means so specific about the system into which these relationships fit. It would be possible to close the system in very many ways, and the precise way selected would influence the regression estimates in a model involving simultaneous equations.”

Richard Stone (1913–1991) British economist, Nobel Memorial Prize winner

Source: Studies in the National Income and Expenditure of the United Kingdom, 1954, p. 295; as cited in: John Chipman (2013) Advanced Econometric Theory, p. 275

“The equilibrium between supply and demand is achieved only through a reaction against the upsetting of the equilibrium.”

David Harvey (1935) British anthropologist

Source: The Limits To Capital (2006 VERSO Edition), Chapter 3, Production, Consumption and Surplus Value, p. 82

“Which comes first — price being set by the intersection of supply and demand, or individual firms equating marginal cost to price?”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 4, Size Does Matter, p. 101

“In the Autumn semester, 1955, I taught Principles of Economics, and found it a challenge to convey basic microeconomic theory to students. Why/how could any market approximate a competitive equilibrium? I resolved that on the first day of class the following semester, I would try running a market experiment that would give the students an opportunity to experience an actual market, and me the opportunity to observe one in which I knew, but they did not know what were the alleged driving conditions of supply and demand in that market”

Vernon L. Smith (1927) American economist

Vernon L. Smith (2002) in: " Vernon L. Smith - Biographical http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2002/smith-bio.html". Nobelprize.org. Nobel Media AB 2013. Web. 13 Jun 2014.

“Demand and supply are the opposite extremes of the beam, whence depend the scales of dearness and cheapness; the price is the point of equilibrium, where the momentum of the one ceases, and that of the other begins.”

Jean-Baptiste Say (1767–1832) French economist and businessman

Source: A Treatise On Political Economy (Fourth Edition) (1832), Book II, On Distribution, Chapter I, p. 290

“Across our immigration system, no-one should face a demand to supply DNA evidence and no-one should have been penalised for not providing it.”

Sajid Javid (1969) British politician

Home secretary apologises for immigrant DNA tests https://www.bbc.co.uk/news/uk-45979359, BBC News, 25 October 2018
2018

“We propose first to expand credit in order to create demand. That new and greater demand must, of course, be met by a new and greater supply of goods, or all the evils of inflation and price rise will result. Here our Socialist planning must enter in. We must see that more goods are forthcoming to meet the new demand.”

Oswald Mosley (1896–1980) British politician; founder of the British Union of Fascists

Revolution by Reason, p. 31, quoted in Robert Skidelsky, Oswald Mosley (Papermacs, 1981), p. 145.

“While, under the handicraft of small-unit system of production was that typical a century ago, demand created the supply, today supply must actively seek to create its corresponding demand. A single factory, potentially capable of supplying a whole continent with its particular product, cannot afford to wait until the public asks for its product; it must maintain constant touch, through advertising and propaganda, with the vast public in order to assure itself the continuous demand which alone will make its costly plant profitable. This entails a vastly more complex system of distribution than formerly.”

Edward Bernays book Propaganda

Page 84
Propaganda (1928)

“L. Walras first formulated the state of the economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers and the equilibrium condition that supply equal demand on every market.”

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