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A Marshall-Walras Divide? A Critical Review of the Prevailing Viewpoints

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  • Michel De Vroey

Abstract

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

Suggested Citation

  • Michel De Vroey, 2009. "A Marshall-Walras Divide? A Critical Review of the Prevailing Viewpoints," History of Political Economy, Duke University Press, vol. 41(4), pages 709-736, Winter.
  • Handle: RePEc:hop:hopeec:v:41:y:2009:i:4:p:709-736
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    Cited by:

    1. De Vroey Michel & Duarte Pedro Garcia, 2013. "In search of lost time: the neoclassical synthesis," The B.E. Journal of Macroeconomics, De Gruyter, vol. 13(1), pages 1-31, January.
    2. repec:aka:aoecon:v:68:y:2018:i:supplement1:p:27-52 is not listed on IDEAS
    3. Mehrdad Vahabi, 2018. "János Kornai and General Equilibrium Theory," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 68(supplemen), pages 27-52, January.
    4. Yahya Madra & Fikret Adaman, 2013. "Neoliberal reason and its forms:Depoliticization through economization," Working Papers 2013/07, Bogazici University, Department of Economics.

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    Keywords

    Marshallian theory; Walrasian theory;

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