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Famous Figures and Diagrams in Economics Edited by Mark Blaug Professor Emeritus, University of London and Professor Emeritus, University of Buckingham, UK Peter Lloyd Professor Emeritus, Department of Economics, University of Melbourne, Australia Edward Elgar Cheltenham, UK • Northampton, MA, USA Contents List of List of contributors Acknowledgements figures Introduction Mark Blaug and Peter Lloyd ix xiv xvii 1 PART I SINGLE MARKET ANALYSIS (PARTIAL EQUILIBRIUM) Basic tools of demand and supply curve analysis 1 Marshallian cross diagrams Thomas M. Humphrey 2 The stability of equilibrium Mark Blaug 3 Indifference curves and isoquants Mark Blaug and Peter Lloyd 4 The elasticity of substitution Robert Dixon 5 Substitution and income effects Hans Haller 6 Engel curves Ross Williams 7 Homothetic production and utility functions Rolf Fare and Shawna Grosskopf 8 Long-run and short-run cost curves Fiona Maclachlan 9 The product exhaustion theorem Cassey Lee 10 Classification of technical change Robert Dixon 11 Nash equilibrium Jurgen Eichberger 29 38 43 50 58 64 69 73 80 83 89 vi Famous figures and diagrams in economics Welfare economics 12 Consumer surplus Yew-Kwang Ng 13 The Harberger triangle Yew-Kwang Ng 14 Community indifference curves and the Scitovsky'paradox' Richard G. Lipsey 15 The taxation of external costs Yew-Kwang Ng 16 Monopoly and price discrimination William J. Baumol 17 Duopoly reaction curves Nicola Giocoli 18 Monopolistic competition Andrew Skinner 19 Kinked demand curves R. Rothschild 97 104 110 121 128 137 145 154 Special markets and topics 20 21 22 23 24 25 26 27 28 Backward-bending labour supply curves John E. King Location theory: the contributions of von Thiinen and Losch B. Curtis Eaton and Richard G. Lipsey Hotelling's model of spatial competition Nisvan Erkal Cobweb diagrams Marc Nerlove Reswitching and reversing in capital theory Avi J. Cohen and Geoffrey C. Harcourt The Markowitz mean-variance diagram Fiona Maclachlan Rent-seeking diagrams Anne O. Krueger The logistic growth curve J.S. Cramer Graph theory and networks Cassey Lee 161 170 179 184 191 199 204 209 212 Contents vii PART II GENERAL EQUILIBRIUM ANALYSIS Basic tools of general equilibrium analysis 29 Circular flow diagrams Roger E. Backhouse and Yann Giraud 30 The unit simplex John Whalley 31 The Edgeworth box ^ John Creedy 32 The role of numbers in competition John Creedy 33 Production possibilities frontiers Ronald W. Jones 34 The utility-possibility frontier John S. Chipman 35 The factor price frontier Alan D. Woodland 36 Pareto efficiency Peter Lloyd 37 The phase diagram technique for analyzing the stability of multiple-market equilibrium D. Wade Hands 38 The theory of second best and third best Wai Chiu Woo 221 230 233 239 245 252 262 272 280 286 Open economies 39 The offer curve Murray Kemp 40 The Stolper-Samuelson box Henry Thompson 41 The Lerner diagram ; Alan V. Deardorff 42 The trade theory diagram Peter Lloyd 43 The four-quadrant diagram for the two-sector Heckscher-Ohlin model Arvind Panagariya 44 The integrated world equilibrium diagram Avinash Dixit 295 300 305 311 317 323 viii 45 Famousfiguresand diagrams in economics The optimal tariff Murray Kemp PART III 328 MACROECONOMICS Macroeconomic analysis and stabilisation 46 47 48 49 50 51 52 53 54 Keynesian income determination diagrams Michael Schneider The IS-LM diagram " Warren Young The Fleming-Mundell diagram Russell Boyer and Warren Young The aggregate demand aggregate supply diagram Richard G. Lipsey The Phillips curve Richard G. Lipsey The UV or Beveridge curve Peter Rodenburg The demand curve for money David Laidler Non-neutrality of money He-ling Shi The Laffer curve Roger Middleton 337 348 356 365 377 393 401 406 412 Growth, income distribution and other topics 55 Intertemporal utility maximization - the Fisher diagram Thomas M. Humphrey 56 The diagrams of the Solow-Swan growth model Barbara J. Spencer and Robert W. Dimand 57 The Lorenz curve Nanak Kakwani 58 Kuznets curve Lisa Cameron, Lata Gangadharan and Sowmiya Ashok 421 Index 447 ' 426 432 439