Inframarginal values and demand : Contra Dwight Lee
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چکیده
Happiness studies show that there has been no discernable rise in happiness in the United States between 1959 and 2004, yet the same period saw per capita income nearly triple. Dwight Lee modifies the theory of consumer demand to resolve this apparent conflict. Using the concepts of consumer surplus and rising incomes causing demand shifts, Lee posits that the law of downward sloping demand only fleetingly applies. He hypothesizes that the values of all units consumed become the same as the value of the last unit soon after the change in income. This makes the demand curve horizontal for all units consumed, and that makes the existence of consumer surplus ephemeral. There are difficulties with this; some are: (1) His formulation gives rise to predictions that are at odds with commonly observed market phenomena; (2) The attempted resolution is quixotic because the theory of demand and consumer surplus holds time, place, and circumstances constant, while happiness surveys do not and, indeed, cannot hold things constant over decades; and (3) because standard economic theory is timeless it is inapplicable to many phenomena that occur over extended periods.
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تاریخ انتشار 2010