Monday, May 21, 2018
Demand: Vital and Non-Vital
Demand can be divided into vital need and non-vital want. Correspondingly, other Economic categories can be likewise divided--Use-Value, Utility, Supply, etc. Conversely, that the division is not recognized is reflected e. g. where the Demand for Viagra and the Demand for heart medication are indifferently ascribed to a 'Consumer'. So, one example of a Prescriptive Economics formulation that is not to be found in a Descriptive Economics is the principle that distinguishes vital from non-vital Demand, and sets the universal meeting of it as a priority.
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