The Cobweb Theorem

Abstract

History of the cobweb theorem, 255.— Restatement of the theory of market price, 257.— Restatement of the theory of normal price, 261. — Summary of cobweb theorem: (1) continuous fluctuation, 263; (2) divergent fluctuation, 263; (3) Convergent fluctuation, 265.— Extension of the cobweb analysis: (1a) two-period lag in supply, continuous fluctuation, 266; (3b) three-period lag in supply, convergent fluctuation, 266.— Cycles revealed, 268.— Limitations of the theory, 272.— An illustrative case from actual data, 274.— Not all commodity cycles cobwebs, 277.— Equilibrium economics in the light of the cobweb theory, 278.

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