A Marshall-Walras Divide? A Critical Review of the Prevailing Viewpoints
AbstractThe aim of this essay is to examine economists' views about the relationship between Marshallian and Walrasian theory. Are they complementary, as is usually believed, or do they constitute alternative research programs? I compare two viewpoints on this matter, the conciliatory and the antagonistic. After describing these, I present my own standpoint: I believe that there is a Marshall–Walras divide, but I have serious objections to the way in which the argument for this divide is usually made. In the last part of the paper, I examine the view held by several authors that an embryonic general equilibrium model is to be found in Marshall's Principles
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Bibliographic InfoArticle provided by Duke University Press in its journal History of Political Economy.
Volume (Year): 41 (2009)
Issue (Month): 4 (Winter)
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Marshallian theory; Walrasian theory;
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