IDEAS home Printed from https://ideas.repec.org/a/mes/postke/v26y2004i3p441-460.html
   My bibliography  Save this article

What don't economists know now that Marshall knew a century ago? A note on Marshall's "sophisticated informality"

Author

Listed:
  • ROBERTO MARCHIONATTI

Abstract

In the twentieth century, economics was dominated by the idea that rigorous thinking is limited to the natural sciences. This belief has gotten in the way of contemporary economists' understanding of Marshall's legacy. Marshall conceived of economics as a science of complexity. Hence, he considered it essential to take into account the institutional and behavioral peculiarities that often require the close attention to empirical details that the Walrasian approach neglected. Marshall held that the appropriate style for economics to deal with economic complexity should be made of different languages. Classical mathematical language alone cannot grasp the complexity of the real economy by itself, because it plots precisely defined conceptual borders where, in the real world, the borders are uncertain and the concepts ill-defined and unable to be captured in one precise definition.

Suggested Citation

  • Roberto Marchionatti, 2004. "What don't economists know now that Marshall knew a century ago? A note on Marshall's "sophisticated informality"," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 26(3), pages 441-460.
  • Handle: RePEc:mes:postke:v:26:y:2004:i:3:p:441-460
    DOI: 10.1080/01603477.2004.11051402
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/01603477.2004.11051402
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. repec:sae:reorpe:v:49:y:2017:i:4:p:633-649 is not listed on IDEAS
    2. Mario A. Cedrini & Roberto Marchionatti, 2017. "On the Theoretical and Practical Relevance of the Concept of Gift to the Development of a Non-imperialist Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(4), pages 633-649, December.
    3. Garrone Giovanna & Marchionatti Roberto, 2007. "Keynes, statistics and econometrics," CESMEP Working Papers 200703, University of Turin.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:postke:v:26:y:2004:i:3:p:441-460. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Longhurst). General contact details of provider: http://www.tandfonline.com/MPKE20 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.