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Increasing Returns and Competition: Learning from a Marshallian Perspective

In: The Economics of Alfred Marshall

Author

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  • Michel Quéré

Abstract

Two main comments are usually addressed when discussing Marshall’s economic analysis. The first is the ability to reconcile equilibrium and evolution as perfectly summed up by Shackle: ‘Marshall’s peculiar triumph is his creation of a unity out of the conceptions of equilibrium and evolution’ (1965, quoted from Hart 1996: 365); the second is the lack of clarity in some Marshallian arguments. As pointed out by Groenewegen (1995: 480), this latter criticism was made by Marshall’s contemporaries. The starting point for this contribution is the statement that both comments are very unsatisfactory, and even misleading. We do not share those criticisms and argue that the Marshallian unity of thinking remains superficial rather than effective; consequently, the lack of clarity and the ambiguous character of some Marshallian developments demonstrate the existence of analytical problems in the Marshallian economic framework as a whole, at least as expressed within the Principles.

Suggested Citation

  • Michel Quéré, 2003. "Increasing Returns and Competition: Learning from a Marshallian Perspective," Palgrave Macmillan Books, in: Richard Arena & Michel Quéré (ed.), The Economics of Alfred Marshall, chapter 10, pages 182-201, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59963-5_10
    DOI: 10.1007/978-0-230-59963-5_10
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    Cited by:

    1. Luca Zamparelli, 2009. "Average cost and marginal cost pricing in Marshall: Textual analysis and interpretation," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 16(4), pages 665-694.

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