The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Elasticity

  • Peter Newman
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_144

Abstract

Formally invented by Marshall, the concept of elasticity of demand goes beyond the notion, which can be found in classical economics, that demand varies less or more than price. The crucial property that alone makes elasticity so important in pure and applied economics is that the elasticity measure is invariant to changes in units of measurement of quantities and prices.

Keywords

Arc elasticity Cournot, A. A. Dimensional analysis Duality Elasticity Elasticity of demand Elasticity of substitution Elasticity of supply Invariance to transformation Mill, J. S. 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Peter Newman
    • 1
  1. 1.