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2013•Arthshastra Indian Journal of Economics & ResearchRequires access

Terminological Inconsistencies of "Elasticity of Substitution," "Substitution Curve," and "Marginal Rate of Substitution": A Correction

Arup Kanti Konar

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Abstract

The present paper seeks to correct the inconsistencies of the three terms: (i) "elasticity of substitution" ( ES ), (ii) "substitution curve" ( SC ), and (iii) "marginal rate of substitution" ( MRS ). Such inconsistencies persist since their introduction in the 1930s. The correction of such inconsistencies can be executed in terms of Konar's (2009, 2012) "isoquant substitution curve" ( IQSC ) and "isocost substitution curve" ( ICSC ).

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What this paper is about

The present paper seeks to correct the inconsistencies of the three terms: (i) "elasticity of substitution" ( ES ), (ii) "substitution curve" ( SC ), and (iii) "marginal rate of substitution" ( MRS ). Such inconsistencies persist since their introduction in the 1930s. The correction of such inconsistencies can be executed in terms of Konar's (2009, 2012) "isoquant substitution curve" ( IQSC ) and "isocost substitution curve" ( ICSC ).

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Available abstract

The present paper seeks to correct the inconsistencies of the three terms: (i) "elasticity of substitution" ( ES ), (ii) "substitution curve" ( SC ), and (iii) "marginal rate of substitution" ( MRS ). Such inconsistencies persist since their introduction in the 1930s. The correction of such inconsistencies can be executed in terms of Konar's (2009, 2012) "isoquant substitution curve" ( IQSC ) and "isocost substitution curve" ( ICSC ).

Key concepts: Substitution (logic), Elasticity of substitution, Substitution method, Economics, Elasticity (physics), Econometrics, Computer science, Microeconomics

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Terminological Inconsistencies of "Elasticity of Substitution," "Substitution Curve," and "Marginal Rate of Substitution": A Correction — Research Paper | ScholarLens