Download This PaperWelker's Excess-Demand Marshall-Lerner Condition
5 Pages Posted: 2 Nov 2013 Last revised: 8 Sep 2015
Date Written: November 1, 2013
Abstract
Welker provides a simple proof of the Marshall-Lerner Condition, this paper points out some flaws in his derivation. His definition of excess demand is wrong. Excess demand and excess supply are equivalent. A correct trade model does not contain excess demand or excess supply.
Keywords: Trade, Excess Demand
JEL Classification: F31
Suggested Citation: Suggested Citation
Choi, Hak, Welker's Excess-Demand Marshall-Lerner Condition (November 1, 2013). Available at SSRN: https://ssrn.com/abstract=2348631 or http://dx.doi.org/10.2139/ssrn.2348631
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