"In a proto-Austrian manner, Donisthorpe also distinguished between directly useful and indirectly useful goods, and showed how the latter had varying degrees of remoteness from the pleasure-giving stage of goods; in short, Donisthorpe engaged in a sophisticated analysis of the time-structure of production. He also had a pioneering analysis of the influence of substitutes and complements ('co-elements') upon values. While Donisthorpe's discussion of demand curves (i.e. schedules), supply, and price was interesting but hopelessly confused (e.g. he denied that an increased desire of consumers for a product would raise their demand for the product), he did present a remarkably clear foreshadowing of Philip Wicksteed's insight of four decades later that witholding the stock of a product by suppliers really amounts to the suppliers' 'reservation demand' for that product."
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Murray N. Rothbard, "Plutology: Hearn and Donisthorpe," §14.8 of "After Mill: Bastiat and the French laissez-faire tradition," ch. 14 of An Austrian Perspective on the History of Economic Thought Volume 2: Classical Economics (Edward Elgar Publishing Ltd., 1995), p. 465.
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Philip Wicksteed
Philip Henry Wicksteed (25 October 1844–18 March 1927) was an English scholar, known primarily as an economist. He was also an Unitarian theologian, classicist, medievalist, and literary critic.
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