The Dupuit-Marshall Theory of Competitive Equilibrium
Working with the classical expressions of demand, supply, and market adjustments, the French engineer Jules Dupuit developed a model of competitive market adjustments in different time dimensions that anticipated Alfred Marshall's 'period analysis' on all important points. Dupuit's attempt to handle the complexity of economic phenomena in a scientific fashion by utilizing the ceteris paribus method, and the integration of this method with the 'facts' of production in a 'typical' industry, generated a huge payoff for subsequent generations of economists. The payoff was enhanced by Marshall's refinements and realized by Marshall's teaching, which took root in so many able students and disciples. Copyright 1999 by The London School of Economics and Political Science
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Volume (Year): 66 (1999)
Issue (Month): 262 (May)
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