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Marshallian General Equilibrium Analysis

Author

Listed:
  • David Colander

    (Middlebury College)

Abstract

This paper discusses Marshall's conception of a general equilibrium system. It argues that conceptually, Marshallian general equilibrium analysis is at a much higher level than Walrasian general equilibrium analysis, and, because it is, it is far more compatible with modern developments in economics than is Walrasian general equilibrium. Thus, Marshall's work is not a stepping stone to Walras, but instead a stepping stone beyond Walras. It is consistent with a fundamentally different conception of general equilibrium, one which recognizes that the mathematical formulation of a meaningful general equilibrium model is much more intractable than those with which Walras and later Walrasians dealt.

Suggested Citation

  • David Colander, 1995. "Marshallian General Equilibrium Analysis," Eastern Economic Journal, Eastern Economic Association, vol. 21(3), pages 281-293, Summer.
    • Handle: RePEc:eej:eeconj:v:21:y:1995:i:3:p:281-293
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume21/V21N3P281_293.pdf
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    Citations

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    Cited by:

    1. Kakarot-Handtke, Egmont, 2012. "The rhetoric of failure: a hyper-dialog about method in economics and how to get things going," MPRA Paper 43276, University Library of Munich, Germany.
    2. Rosser Jr., J. Barkley, 2010. "Is a transdisciplinary perspective on economic complexity possible?," Journal of Economic Behavior & Organization, Elsevier, vol. 75(1), pages 3-11, July.
    3. Dave Colander, 2018. "On the Irrelevance of Formal General Equilibrium Analysis," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 44(3), pages 491-495, June.
    4. Colander, David & Rothschild, Casey, 2010. "Sins of the Sons of Samuelson: Vision, pedagogy, and the zig-zag windings of complex dynamics," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 277-290, June.
    5. Cassata, Francesco & Marchionatti, Roberto, 2011. "A transdisciplinary perspective on economic complexity. Marshall's problem revisited," Journal of Economic Behavior & Organization, Elsevier, vol. 80(1), pages 122-136.
    6. Richard Holt & J. Barkley Rosser & David Colander, 2011. "The Complexity Era in Economics," Review of Political Economy, Taylor & Francis Journals, vol. 23(3), pages 357-369.
    7. Kakarot-Handtke, Egmont, 2012. "Why Post Keynesianism is not yet a science," MPRA Paper 43171, University Library of Munich, Germany.
    8. Christophe Schinckus, 2011. "What can econophysics contribute to financial economics?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 58(2), pages 147-163, June.

    More about this item

    Keywords

    Marshallian; Walrasian;

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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