Marshallian General Equilibrium Analysis
AbstractThis paper discusses Marshall's conception of a general equilibrium system. It argues that conceptually, Marshallian general equilibrium analysis is at a much higher level than Walrasian general equilibrium analysis, and, because it is, it is far more compatible with modern developments in economics than is Walrasian general equilibrium. Thus, Marshall's work is not a stepping stone to Walras, but instead a stepping stone beyond Walras. It is consistent with a fundamentally different conception of general equilibrium, one which recognizes that the mathematical formulation of a meaningful general equilibrium model is much more intractable than those with which Walras and later Walrasians dealt.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 21 (1995)
Issue (Month): 3 (Summer)
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Find related papers by JEL classification:
- B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
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