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Marshall and Walras : Incompatible Bedfellows ?

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  • Michel DE VROEY

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

Abstract

The standard view about the relation 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 programs 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 the role of mathematics, their ways of looking at the working of the economy as whole, the conception of equilibrium underpinning their theories and finally their trade organization assumptions

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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 2009008.

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Length: 18
Date of creation: 01 Apr 2009
Date of revision:
Handle: RePEc:ctl:louvir:2009008

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Cited by:
  1. De Vroey, Michel, 2011. "Lucas on the relationship between theory and ideology," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 5(4), pages 1-39.

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