Jevons’s market view through the dynamic trajectories of bilateral exchanges: A radical vision without the demand function

While numerous studies have been conducted on Jevons’s work,1 there still remain some unsettled issues regarding interpretation of his demand theory. If his contribution as a marginal utility theorist should be found in the micro-foundation of market analysis, why is his concept of the supply and demand curve so vague? Though Jevons uses the concepts of demand and supply and the laws of supply and demand several times in his writings, his statements are puzzling.2