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Expectations, uncertainty and beliefs in the marshallian analysis of markets

Author

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  • Brian Loasby

Abstract

Marshall?s early encounter with the problems of knowledge shaped his attitude to both the method and content of economics. Theorists should avoid long chains of reasoning in favour of close contact with reality, and recognise that economic progress depends on the growth of knowledge through the division of labor, organization and experiment: each of these reflects the characteristics of the human brain in combining routines and imagination. The use of equilibrium should be justified as the outcome of a process which is to be explained by considering the basis of expectations. Classification JEL: B31, B41, D40, D83

Suggested Citation

  • Brian Loasby, 2002. "Expectations, uncertainty and beliefs in the marshallian analysis of markets," Revue d'économie politique, Dalloz, vol. 112(5), pages 659-670.
    • Handle: RePEc:cai:repdal:redp_125_0659
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    More about this item

    Keywords

    connaissance; méthode; organisation; équilibre;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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