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Does the Consumer Benefit from Price Instability?

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  • Frederick V. Waugh

Abstract

A new theorem: consumers harmed by price stability, 602. — I. Related propositions: consumer's surplus and price stability, 602. — II. The general case, 605. — III. Indifference curve analysis, 606. — IV. The theorem in its most general form, 608. — V. The meaning of the above results: "common sense," 609; offsetting price changes, 609; semi-luxuries, 610; extreme cases, 610; producers or sellers, 610; character of the demand function, 611; quantities sold, 611; adjustment of expenditures, 613; advance knowledge of prices, 613.

Suggested Citation

  • Frederick V. Waugh, 1944. "Does the Consumer Benefit from Price Instability?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 58(4), pages 602-614.
    • Handle: RePEc:oup:qjecon:v:58:y:1944:i:4:p:602-614.
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