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On the Right Side for the Wrong Reason : Friedman on the Marshall-Walras divide

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  • Michel, DE VROEY

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

Abstract

The aim of this article is to assess Friedman’s claim, put forward in his 1949 article on the Marshallian demand curve, that there is a methodological divide between the Marshallian and Walrasian approaches. Friedman’s argument will be critically examined and compared with the views he expressed in other articles written around thesame time. My evaluation will lead to a mixed conclusion. Positively, Friedman must be hailed for having brought the Marshall-Walras divide to the forefront. In a more critical vein, I will suggest, first, that Friedman’s argumentation in the 1949 paper is definitely wanting. A better account of the differences between Marshall and Walras is to be found in his 1955 review of Jaffé’s traslation of Walras’s Eléments d’économie pure. Second, I will claim that Friedman’s real target in his 1949 article was imperfect competition theory à la Chamberlin and Keynesianism à la Lange, which he wrongly associated with Walrasian theory. Third, present-day proponents of the divide will be criticised for having naively echoed Friedman’s argumentation instead of having tried to improve it. The paper finishes with an outline of the criteria that should be used for giving te Marshall-Walras divide a stronger grounding.

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 2004015.

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Length: 34
Date of creation: 01 Apr 2004
Date of revision:
Handle: RePEc:ctl:louvir:2004015

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Keywords: Friedma; Marshall; Walras;

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  1. Leijonhufvud, Axel, 1984. "Hicks on Time and Money," Oxford Economic Papers, Oxford University Press, vol. 36(0), pages 26-46, Supplemen.
  2. De Vroey, Michel, 1997. "Marshall on Equilibrium and Time. A Reconstruction," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1997010, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  3. Grandmont, Jean-Michel, 1993. "Temporary general equilibrium theory," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 19, pages 879-922 Elsevier.
  4. Hicks, John, 1977. "Economic Perspectives: Further Essays on Money and Growth," OUP Catalogue, Oxford University Press, number 9780198284079.
  5. Leijonhufvud, Axel, 1984. "Hicks on time and money," Discussion Papers, Series 1 182, University of Konstanz, Department of Economics.
  6. Hahn, Frank, 1990. "John Hicks the Theorist," Economic Journal, Royal Economic Society, vol. 100(401), pages 539-49, June.
  7. De Vroey, Michel, 2001. "Price Rigidity and Market-Clearing: A Conceptual Clarification," Cambridge Journal of Economics, Oxford University Press, vol. 25(5), pages 639-55, September.
  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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Cited by:
  1. De Vroey, Michel, 2010. "Lucas on the relationship between theory and ideology," Economics Discussion Papers 2010-28, Kiel Institute for the World Economy.
  2. Michel, DE VROEY, 2007. "Marshallian and Walrasian Theory, Complementary or Alternative Approaches ? The Views in Presence," Discussion Papers (ECON - Département des Sciences Economiques) 2007002, Université catholique de Louvain, Département des Sciences Economiques.

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