In economics, the HicksâMarshall laws of derived demand assert that, other things equal, the own-wage elasticity of demand for a category of labor is high under the following conditions:
The "HicksâMarshall" is named for economists John Hicks (from The Theory of Wages, 1932) and Alfred Marshall (from Principles of Economics, 1890).
In economics, the HicksâMarshall laws of derived demand assert that, other things equal, the own-wage elasticity of demand for a category of labor is high under the following conditions:
The "HicksâMarshall" is named for economists John Hicks (from The Theory of Wages, 1932) and Alfred Marshall (from Principles of Economics, 1890).