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Market Structures

In: The Economics of Alfred Marshall

Author

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  • David Reisman

Abstract

Alfred Marshall was keenly interested in industrial organisation and made a distinction between what we would today call perfect and imperfect competition. His distinction, as was his custom, was not a clear distinction, and no less important a later Marshallian than Paul Samuelson has taken him to task for shunting the car of microeconomic theory on to a wrong line: The ambiguities of Alfred Marshall paralyzed the best brains in the Anglo-Saxon branch of our profession for three decades … Because of his unwillingness to make sharp distinctions between perfect and less-than-perfect competition, Marshall managed to set back the clock both on competitive theory and on the theory of monopoly … Marshall was so afraid of being unrealistic that he merely ends up being fuzzy and confusing — and confused.1

Suggested Citation

  • David Reisman, 1986. "Market Structures," Palgrave Macmillan Books, in: The Economics of Alfred Marshall, chapter 6, pages 124-151, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08515-6_6
    DOI: 10.1007/978-1-349-08515-6_6
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