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Marshallian General Equilibrium Analysis

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Author Info

  • David Colander

    (Middlebury College)

Abstract

This 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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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume21/V21N3P281_293.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 21 (1995)
Issue (Month): 3 (Summer)
Pages: 281-293

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Handle: RePEc:eej:eeconj:v:21:y:1995:i:3:p:281-293

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Postal: c/o Dr. Alexandre Olbrecht, The Anisfield School of Business 205, Ramapo College, 505 Ramapo Valley Road, Ramapo, New Jersey 07430, USA
Phone: (201) 684-7346
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Web page: http://www.ramapo.edu/eea/journal.html
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Related research

Keywords: Marshallian; Walrasian;

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Cited by:
  1. Christophe Schinckus, 2011. "What can econophysics contribute to financial economics?," International Review of Economics, Springer, vol. 58(2), pages 147-163, June.
  2. David Colander & Richard P.F. Holt & J. Barkley Rosser, 2010. "The Complexity Era in Economics," Middlebury College Working Paper Series 1001, Middlebury College, Department of Economics.
  3. Rosser Jr., J. Barkley, 2010. "Is a transdisciplinary perspective on economic complexity possible?," Journal of Economic Behavior & Organization, Elsevier, vol. 75(1), pages 3-11, July.
  4. Kakarot-Handtke, Egmont, 2012. "Why Post Keynesianism is not yet a science," MPRA Paper 43171, University Library of Munich, Germany.
  5. Kakarot-Handtke, Egmont, 2012. "The rhetoric of failure: a hyper-dialog about method in economics and how to get things going," MPRA Paper 43276, University Library of Munich, Germany.
  6. Colander, David & Rothschild, Casey, 2010. "Sins of the Sons of Samuelson: Vision, pedagogy, and the zig-zag windings of complex dynamics," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 277-290, June.
  7. Cassata, Francesco & Marchionatti, Roberto, 2011. "A transdisciplinary perspective on economic complexity. Marshall's problem revisited," Journal of Economic Behavior & Organization, Elsevier, vol. 80(1), pages 122-136.

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