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What Marshall Didn'T Know: On The Twentieth Century'S Contributions To Economics

  • WIlliam J. Baumol

Some of this century's many valuable contributions to economics, like macroeconomics, econometrics, and game theory, are widely recognized. However, arguably equally important is the enhanced role of empirical study permitted by more abundant data and improved methods. Also insufficiently recognized are the increased rigor and use of applied economics in public finance, regulation, corporation finance, etc., employing abstract theory and sophisticated data analysis. The striking contrast with earlier intuitively based applied economics and empirical study is illustrated. Comparison with Marshall's Principles also indicates that, except for macroeconomics, remarkably little space in today's texts deals with some of the rich contributions of this century. © 2000 the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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Article provided by MIT Press in its journal The Quarterly Journal of Economics.

Volume (Year): 115 (2000)
Issue (Month): 1 (February)
Pages: 1-44

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Handle: RePEc:tpr:qjecon:v:115:y:2000:i:1:p:1-44
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