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A Marshall-Walras Divide? A Critical Review of the Prevailing Viewpoints

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  • Michel De Vroey

Abstract

The 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 Info

Article provided by Duke University Press in its journal History of Political Economy.

Volume (Year): 41 (2009)
Issue (Month): 4 (Winter)
Pages: 709-736

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Handle: RePEc:hop:hopeec:v:41:y:2009:i:4:p:709-736

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Related research

Keywords: Marshallian theory; Walrasian theory;

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Cited by:
  1. Michel DE VROEY & Pedro GARCIA DUARTE, 2012. "In Search Of Lost Time: The Neoclassical Synthesis," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2012026, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  2. Yahya Madra & Fikret Adaman, 2013. "Neoliberal reason and its forms:Depoliticization through economization," Working Papers 2013/07, Bogazici University, Department of Economics.

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