Abstract
Rising supply price’ is a name that partial equilibrium theorists give to their encounters with general equilibrium reasoning. Such encounters must have occurred ever since economics began but for us the story begins in 1912 with Pigou, who asserted that:These conclusions led him to argue that taxes should be placed on decreasing returns industries and bounties on increasing returns industries. Assuming, what Clapham (1922) seriously doubted, that actual industries can be sorted into such boxes, this is a policy recommendation that appears remarkably specific in content and general in application.
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Newman, P. (2018). Rising Supply Price. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1360
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1360
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