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Marshallian and Walrasian Theory, Complementary or Alternative Approaches ? The Views in Presence

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  • Michel, DE VROEY

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Department of Economics)

Abstract

The aim of this paper is to examine economists’ views about the relationship between Marshallian and Walrasian theory. Are the complementary, as is usually believed, or do they constitute alternative research programmes ? My paper compares two viewpoints on this matter, the conciliatory and the antagonistic views. After describing these, I present my own standpoint : I do believe that there is a Marshall-Walras divide but I have serious objections to the way n which the argument for this divide is usually made. In particular, I object to the tendency to treat the Marshallian approach as good and the Walrasian one as bad. In the last part of the paper, I dispute the view held by several authors that an embryonic general equilibrium model is to be found in Marshall’s Principles

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Paper provided by Université catholique de Louvain, Département des Sciences Economiques in its series Discussion Papers (ECON - Département des Sciences Economiques) with number 2007002.

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Length: 26
Date of creation: 01 Jan 2007
Date of revision:
Handle: RePEc:ctl:louvec:2007002

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  1. Michel, DE VROEY, 2004. "On the Right Side for the Wrong Reason : Friedman on the Marshall-Walras divide," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  2. Hoover, Kevin D, 1984. "Two Types of Monetarism," Journal of Economic Literature, American Economic Association, vol. 22(1), pages 58-76, March.
  3. A. Leijonhufvud., 2006. "Keynes as a Marshallian," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
  4. A. Leijonhufvud., 2006. "Episodes in a Century of Macroeconomics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11.
  5. Hoover, Kevin D., 2004. "Lost Causes," Journal of the History of Economic Thought, Cambridge University Press, vol. 26(02), pages 149-164, June.
  6. Vroey, Michel De, 1999. "Transforming Walras Into a Marshallian Economist: A Critical Review of Donald Walker's Walras's Market Models," Journal of the History of Economic Thought, Cambridge University Press, vol. 21(04), pages 413-435, December.
  7. De Vroey, Michel, 2002. "Equilibrium and Disequilibrium in Walrasian and Neo-Walrasian Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 24(04), pages 405-426, December.
  8. Michel De Vroey, 2003. "Perfect information a la Walras versus perfect information a la Marshall," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(4), pages 465-492.
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