Discussion
Identify the order of chronological development of the theory of demand.
a. Marshall's theory of demand
b. Indifference curves
c. Revealed preference theory
d. Weak Preference ordering theory of demand.
Codes :
Answer: D
The order of development of the theory of demand is Marshall's cardinal utility theory (a) in 1890, the indifference curves (b), developed by Edgeworth and Pareto and then Hicks and Allen in 1934, Samuelson's revealed preference theory (c) in 1938 and the weak preference ordering approach (d) of Houthakker in 1950. So the order is a, b, c, d, option (D). The other options place the later revealed preference or ordering theories before Marshall.
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