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Marshall's Tendencies: What Can Economists Know?

Author

Listed:
  • John Sutton

    (London School of Economics)

Abstract

The world of economics is a complicated and messy place. Yet modern economic analysis rests on an attempt to represent the world by means of simple mathematical models. To what extent is this possible? How can such a program cope with the fact that economic outcomes are often driven by factors that are notoriously difficult to quantify? Can such mathematical modeling lead us to theories that work? In these lectures, John Sutton explores what he calls the "standard paradigm" that lies at the heart of economic model building, whose roots go back a century to the work of Alfred Marshall. In probing the strengths and limitations of this paradigm, he looks at some of the remarkable successes, as well as deep disappointments, that have flowed from it.

Suggested Citation

  • John Sutton, 2002. "Marshall's Tendencies: What Can Economists Know?," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262692791, December.
    • Handle: RePEc:mtp:titles:0262692791
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    Citations

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    Cited by:

    1. Frederick van der Ploeg, 2004. "Beyond the Dogma of the Fixed Book Price Agreement," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 28(1), pages 1-20, February.
    2. Andrew Mearman, 2008. "Pluralism and Heterodoxy: Introduction to the Special Issue," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 1(2), pages 5-25, March.

    More about this item

    Keywords

    standard paradigm; Alfred Marshall; economic model building;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C0 - Mathematical and Quantitative Methods - - General
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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