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The Importance of Being Unimportant: Marshall's Third Rule of Derived Demand

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  • Peirson, John

Abstract

J. R. Hicks's revision of A. Marshall's third rule states that as the price elasticity of demand for a pr oduct is greater/less than the elasticity of substitution, the elasti city of derived demand for a factor of production is positively/negat ively related to the share of the factor in total costs. A simple, cl ear, economic explanation of Hicks's revision is given. The very conf used debate on Marshall's third rule and Hicks's revision is ex-amine d and clarified. Copyright 1988 by Scottish Economic Society.

Suggested Citation

  • Peirson, John, 1988. "The Importance of Being Unimportant: Marshall's Third Rule of Derived Demand," Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(2), pages 105-114, May.
    • Handle: RePEc:bla:scotjp:v:35:y:1988:i:2:p:105-14
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    Cited by:

    1. Peichl, Andreas & Popp, Martin, 2022. "Can the Labor Demand Curve Explain Job Polarization?," IAB-Discussion Paper 202221, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
    2. Christiane Baumeister & Gert Peersman, 2013. "Time-Varying Effects of Oil Supply Shocks on the US Economy," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(4), pages 1-28, October.

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