ABSTRACT
T o return to the in i t ia l theme, the approach to economics underlying the usual demand curve is the approach underlying the superficial analysis embodied in Figure 3.1; the approach underlying the alternative demand curve along which "real income" is held constant is the approach em bodied in Figures 3.2 and 3.3; one who started with this approach would be heavily insulated against analyses such as that embodied in Figure 3.1. The great defect of the approach underlying the usual demand curve is that i t emphasizes arithmetic considerations; the great virtue of the ap proach underlying the alternative demand curve is that i t emphasizes eco nomic considerations.
