Demand and Supply

First published in 1971, Demand and Supply is an introduction to the economics of resource allocation, often known as micro-economics. Ralph Turvey examines how the economy really works and does not just give the economists’ textbook version, which oversimplifies technology and exaggerates the importance of prices in adjusting supply and demand. Instead of offering theoretical diagrams and imaginary examples, he refrains from expounding those ideas that cannot be simply demonstrated or appl...