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Alfred Marshall’s Partial Equilibrium: Dynamics in Disguise

In: The Economics of Alfred Marshall

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  • Marco Dardi

Abstract

The quotation points to a pattern that occurs frequently in Marshall’s illustrations of economic reasoning throughout the Principles, as well as in other works of his. In this chapter we seek to reconstruct the underlying theoretical framework in the light of a logical structure that seems to be particularly fitted for the Marshallian approach to the study of change. It will be found that the most essential element in the framework consists of the concept of partial equilibrium. Within the context of the present interpretation, however, the concept has little or nothing to do with current ideas about equilibrium, be it either general or, in the usual sense, partial. A full understanding of Marshall’s notion of equilibrium requires us to look beyond the all-too-easy mechanical metáphor of the composition of forces and the equally overly-easy graphic device of supply and demand ‘crosses’, towards the profound reasons that led him to compare certain states of things with the ’sinks’ of a dynamic system.

Suggested Citation

  • Marco Dardi, 2003. "Alfred Marshall’s Partial Equilibrium: Dynamics in Disguise," Palgrave Macmillan Books, in: Richard Arena & Michel Quéré (ed.), The Economics of Alfred Marshall, chapter 6, pages 84-112, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59963-5_6
    DOI: 10.1007/978-0-230-59963-5_6
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    Cited by:

    1. Ramesh Chandra, 2022. "Was Allyn Young a Marshallian?," Australian Economic Papers, Wiley Blackwell, vol. 61(2), pages 258-279, June.

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