Current Contents - July 2013, Issue-3

No. 370 January 2013 Vol. XIIIC ISSN 0019-5170
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Contents
R.O. ARUOFOR: The Theory of Demand and Supply Revisited: The Total Differential Approach.
M. M. GOEL AND SURAJ WALIA: Analysis of Agricultural Development in India.
S. O. BINUOMOTE AND J. O. AJETOMOBI: Structural Breaks and the Time Series Properties of
Selected Export and Food Crops in Nigeria (1961-2007) An Application of the Perron Test.
NIRANJAN MANDAL AND B.N. DUTTA. Panchayats and Universalization of Elementary
Education: A Study of West Bengal.
SAMIR KUMAR DAS AND MINAKETAN BEHERA: SERVICE-LED Economic Growth Pattern and
Prospect Special Reference to India.
TANBIR AHMED CHOWDHURY AND ENAYAT KIYOUM: Performance Evaluation of Selected
Pharmaceutical Companies Enlisted in Dhaka Stock Exchange.
K.S. RAJASHEKARA: Nanotechnology for Better Agricultural Practices-An Economic Analysis.
The Theory of Demand and Supply Revisited: The Total
Differential Approach
R. O. Aruofor 1
As important as the theory of demand and supply which permeates the whole of
economics, different scholars express different and varying view points about it This
does not only suggests that the theory is poorly understood, but that the model as
conceived is not just simplistic but based on partial analysis. This may underscore the
poor performance of markets in Developing countries. In view of this lapse, it will appear
that practitioners have so far not been able to identify the functions statistically. This
paper reviews the theory and contends that the contemporary theory of demand and
supply is not only incomplete but an oversimplification of a more complex situation. The
demand and supply sides of the theory are presented and are statistically, identified by
the total differential (ecostatometric) method and analysed. A critique of the traditional
econometric approach to the estimation of the functions is carried out and the solution of
the estimated total differential model is attempted by means of Linear Goal Programme.
It became evident that contrary to popular views, demand and supply can have separate
existence in a market model and that equilibrium is a superficial constraint imposed on
the market by economic theory.