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Marshall and Walras: Incompatible bedfellows?

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  • Michel De Vroey

Abstract

The standard view about the relationship between the Marshallian and the Walrasian approaches is that they are complementary to each other. My aim in this paper is to show that, on the contrary, they constitute alternative sub-research programmes within the wider neoclassical paradigm. I make my point by contrasting the two approaches against the following benchmarks: the purpose of economic theory according to Marshall and Walras; their views as to the role of mathematics; their specific ways of tackling complexity; the conception of equilibrium underpinning their theories; and, finally, their trade organisation assumptions.

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File URL: http://hdl.handle.net/10.1080/09672567.2010.540345
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.

Volume (Year): 19 (2012)
Issue (Month): 5 (October)
Pages: 765-783

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Handle: RePEc:taf:eujhet:v:19:y:2012:i:5:p:765-783

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Cited by:
  1. Michel DE VROEY, 2010. "Lucas on the relationship between theory and ideology," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2010031, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  2. 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).
  3. Michel DE VROEY, 2014. "Backhouse and Boianovsky on 'disequilibrium theory'. A review article of Transforming modern macroeconomics. Exploring disequilibrium microfoundations, 1956-2003," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2014006, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).

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