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Economics and the Self-Organisation Approach: Alfred Marshall Revisited

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  • Foster, John

Abstract

The economics of Alfred Marshall is reassessed in the light of new developments in the natural sciences whereby a nonequilibrium thermodynamic approach is adopted to analyze self-organization in dissipative structures. It is argued that there is a clear correspondence between Marshall's treatment of time irreversibility and this modern approach, particularly when the latter is set in an informational context. Thus, his Principles is viewed as a very useful starting point in adapting the self-organization approach for application in economics. The main features of such a post-Marshallian approach to economics are discussed and compared with the mechanical approach of neoclassicism. Copyright 1993 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 103 (1993)
Issue (Month): 419 (July)
Pages: 975-91

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Handle: RePEc:ecj:econjl:v:103:y:1993:i:419:p:975-91

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Cited by:
  1. Brendan Markey-Towler & John Foster, 2013. "Understanding the causes of income inequality in complex economic systems," Discussion Papers Series 478, School of Economics, University of Queensland, Australia.
  2. Foster, John & Metcalfe, J. Stan, 2012. "Economic emergence: An evolutionary economic perspective," Journal of Economic Behavior & Organization, Elsevier, vol. 82(2), pages 420-432.
  3. Gigante, Anna Azzurra, 2013. "Institutional Cognitive Economics: some recent developments," MPRA Paper 48278, University Library of Munich, Germany.
  4. Erbes, AnalĂ­a & Tacsir, Ezequiel & Yoguel, Gabriel, 2008. "Endogenous competences and linkages development," MPRA Paper 20434, University Library of Munich, Germany.
  5. repec:dgr:uvatin:1998122 is not listed on IDEAS
  6. Egidi Massimo & Rizzello Salvatore, 2003. "Cognitive economics: Foundations and historical evolution," CESMEP Working Papers 200304, University of Turin.
  7. Richard Nelson, 2013. "Demand, supply, and their interaction on markets, as seen from the perspective of evolutionary economic theory," Journal of Evolutionary Economics, Springer, vol. 23(1), pages 17-38, January.
  8. J. Doyne Farmer & John Geanakoplos, 2008. "The virtues and vices of equilibrium and the future of financial economics," Papers 0803.2996, arXiv.org.
  9. Andrea Maneschi, 2000. "Nicholas Georgescu-Roegen and the Filiation of Economic Ideas," Vanderbilt University Department of Economics Working Papers 0018, Vanderbilt University Department of Economics.
  10. Jeroen C.J.M. van den Bergh & John M. Gowdy, 1998. "Evolutionary Theories in Environmental and Resource Economics: Approaches and Applications," Tinbergen Institute Discussion Papers 98-122/3, Tinbergen Institute.
  11. repec:dgr:uvatin:2098122 is not listed on IDEAS
  12. Patrucco, Pier Paolo, 2008. "Complexity and Organizational Change in the Coordination of Technological Knowledge: Evidence from the Automobile Cluster in Turin," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200808, University of Turin.
  13. Prof John Foster, 2007. "A micro-meso-macro perspective on the methodology of evolutionary economics: integrating history, simulation and econometrics," Discussion Papers Series 343, School of Economics, University of Queensland, Australia.
  14. John Foster, 2005. "From simplistic to complex systems in economics," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 873-892, November.
  15. Ron Martin & Peter Sunley, 2007. "Complexity Thinking and Evolutionary Economic Geography," Papers in Evolutionary Economic Geography (PEEG) 0703, Utrecht University, Section of Economic Geography, revised Apr 2007.
  16. Anthony M. Endres & David A. Harper, 2012. "The kinetics of capital formation and economic organisation," Cambridge Journal of Economics, Oxford University Press, vol. 36(4), pages 963-980.
  17. Geoffrey Hodgson & Kainan Huang, 2012. "Evolutionary game theory and evolutionary economics: are they different species?," Journal of Evolutionary Economics, Springer, vol. 22(2), pages 345-366, April.
  18. John Finch, 2000. "Is post-Marshallian economics an evolutionary research tradition?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(3), pages 377-406.

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