The Relevance of the Marshallian Concept of Normality in Interior and Inertial Dynamics as Revisited by Shackle and Kornai
This study endeavors to explicate the relevance of the Marshallian concept of normality in the evolution of supply curves and the price mechanism in time. This concept is based on the contradictory, or at least ambiguous, combination of an ex ante perspective of expectation formation and an ex post inertial dynamics. The author first explores the ex ante side of the contradiction by drawing upon the writings of Shackle. Subsequently, he examines Kornai's conception of the normal state as system-specific. The author identifies the relationship between normality and the coordination mechanism in Kornai's ex post approach which may be regarded as an alternative to Shackle's solution. Finally, the pertinence of the Marshallian concept of normality will be demonstrated, as will its divergent developments by Shackle and Kornai. This leads us to the conclusion that a further development of the concept is required in order to reconcile both ex ante and ex post approaches; this might be based on recent evolutionary analysis. Copyright 1998 by Oxford University Press.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 22 (1998)
Issue (Month): 5 (September)
|Contact details of provider:|| Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK|
Fax: 01865 267 985
Web page: http://www.cje.oupjournals.org/
|Order Information:||Web: http://www.oup.co.uk/journals|
When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:22:y:1998:i:5:p:547-72. 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: (Oxford University Press)or (Christopher F. Baum)
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.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 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.