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From the Representative to the Equilibrium Firm: Why Marshall was not a Marshallian

In: The Economics of Alfred Marshall

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  • Neil Hart

Abstract

The representative firm has been a much-criticized concept, subject to conflicting interpretations with respect to both its configuration and its intended role in Marshall’s Principles (the Principles).2 The concept found itself a focal point of much of the debate during the significant cost controversies of the 1920s; however, it has appeared infrequently in subsequent economic analysis.3 In its place, the equilibrium firm has taken centre stage in the microeconomic textbooks, sometimes being mistaken for its vanquished predecessor.

Suggested Citation

  • Neil Hart, 2003. "From the Representative to the Equilibrium Firm: Why Marshall was not a Marshallian," Palgrave Macmillan Books, in: Richard Arena & Michel Quéré (ed.), The Economics of Alfred Marshall, chapter 9, pages 158-181, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59963-5_9
    DOI: 10.1007/978-0-230-59963-5_9
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    Cited by:

    1. 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.

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