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Income inequality & distribution of wealth
Source publication
A few years ago the world suffered from a financial turmoil which emerged in the United States of America, Europe and Asia. It made a large population redundant; many businesses shuttered down and reduced consumption, production, purchasing power, GDP and leading many economies into deep recession. Consequently poor and middle class people found di...
Citations
Demand and supply theory is a core concept in microeconomics which taught at schools and colleges with a little variation. The authors and subsequent followers of this theory discuss the issues related to goods, services, quantity, quality, time, preference, technology, human behaviour and price movement. Apart from these functions, there are various issues discussed in many schools of thought. After studying the philosophical aspect of demand theory, it seems some things are missing in this theory. This paper discusses the issues related to the moral behaviour of consumer and rationality of demand theory which is one of the important aspects of the demand theory.
