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The Cobweb Theorem

Mordecai Ezekiel
The Quarterly Journal of Economics
Vol. 52, No. 2 (Feb., 1938), pp. 255-280
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/1881734
Page Count: 26
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The Cobweb Theorem
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Abstract

History of the cobweb theorem, 255.--Restatement of the theory of market price, 257.--Restatement of the theory of normal price, 261.--Summary of cobweb theorem: (1) continuous fluctuation, 263; (2) divergent fluctuation, 263; (3) Convergent fluctuation, 265.--Extension of the cobweb analysis: (1a) two-period lag in supply, continuous fluctuation, 266; (3b) three-period lag in supply, convergent fluctuation, 266.--Cycles revealed, 268.--Limitations of the theory, 272.--An illustrative case from actual data, 274.--Not all commodity cycles cobwebs, 277.--Equilibrium economics in the light of the cobweb theory, 278.

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