2
$\begingroup$

Who created the supply and demand model in economics or when was it first used?

$\endgroup$
  • $\begingroup$ Do you mean the mathematical model of supply and demand? The phrase "supply and demand"? or the idea? $\endgroup$ – emeryville Jan 19 '17 at 8:25
1
$\begingroup$

The Wikipedia page about the supply and demand model has a History section.

According to Hamid S. Hosseini, the power of supply and demand was understood to some extent by several early Muslim scholars, such as fourteenth-century Syrian scholar Ibn Taymiyyah, who wrote:

"If desire for goods increases while its availability decreases, its price rises. On the other hand, if availability of the good increases and the desire for it decreases, the price comes down."

Antoine Augustin Cournot first developed a mathematical model of supply and demand in his 1838 Researches into the Mathematical Principles of Wealth, including diagrams. However, John Locke (1691), Adam Smith (1776) and David Ricardo (1817) also used this model.

$\endgroup$

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.