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Dealing with Complexity: Marshall and Keynes on the Nature of Economic Thinking

In: The Economics of Alfred Marshall

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  • Roberto Marchionatti

Abstract

In their conception and practice of economics, Alfred Marshall and John Maynard Keynes have been increasingly regarded as old-fashioned economists. According to a widely shared opinion in mainstream economics, they adopted loose definitions and generic concepts; they did not make extensive use of mathematics as ‘an engine of inquiry’; they were unsystematic in their discussion; they did not support their opinions by means of systematic statistical analysis. All of this stands in sharp contrast with the conception of economics largely prevailing after the Second World War, which is based on deductive models, consistent with standard economic principles and highly dosed with mathematics, which have to be econometrically tested and applied to reality in order to achieve general results able to hold for all times and institutional contexts.

Suggested Citation

  • Roberto Marchionatti, 2003. "Dealing with Complexity: Marshall and Keynes on the Nature of Economic Thinking," Palgrave Macmillan Books, in: Richard Arena & Michel Quéré (ed.), The Economics of Alfred Marshall, chapter 3, pages 32-52, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59963-5_3
    DOI: 10.1007/978-0-230-59963-5_3
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    Cited by:

    1. 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.
    2. Roberto Marchionatti, 2010. "J. M. Keynes, thinker of economic complexity," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 18(2), pages 115-146.
    3. Anna Carabelli & Mario Cedrini, 2010. "Keynes and the Complexity of International Economic Relations in the Aftermath of World War I," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(4), pages 1009-1028.
    4. Pinto, Hugo, 2009. "A Economia em Ebulição: Integrando o Plural e a Moral numa Ciência Económica Satisfatória [Economics in Turmoil: Integrating Moral and Plural in a Satisfactory Economic Science]," MPRA Paper 18718, University Library of Munich, Germany.
    5. Marchionatti, Roberto, 2012. "The economists and the primitive societies," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(5), pages 529-540.
    6. Garrone Giovanna & Marchionatti Roberto, 2007. "Keynes, statistics and econometrics," CESMEP Working Papers 200703, University of Turin.
    7. Fontana Magda, 2008. "The complexity approach to economics : a Paradigm shift," CESMEP Working Papers 200801, University of Turin.
    8. Garrone Giovanna & Marchionatti Roberto, 2007. "The appropriate style of economic discourse. Keynes on Economics and Econometrics," CESMEP Working Papers 200702, University of Turin.
    9. Magda Fontana, 2014. "Pluralism(s) in economics: lessons from complexity and innovation. A review paper," Journal of Evolutionary Economics, Springer, vol. 24(1), pages 189-204, January.
    10. Cassata, Francesco & Marchionatti, Roberto, 2011. "A transdisciplinary perspective on economic complexity. Marshall's problem revisited," Journal of Economic Behavior & Organization, Elsevier, vol. 80(1), pages 122-136.
    11. Pinto, Hugo, 2011. "The role of econometrics in economic science: An essay about the monopolization of economic methodology by econometric methods," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(4), pages 436-443, August.

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