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Marshallian and Walrasian Theory, Complementary or Alternative Approaches ? The Views in Presence

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  • Michel, DE VROEY

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Department of Economics)

Abstract

The aim of this paper is to examine economists’ views about the relationship between Marshallian and Walrasian theory. Are the complementary, as is usually believed, or do they constitute alternative research programmes ? My paper compares two viewpoints on this matter, the conciliatory and the antagonistic views. After describing these, I present my own standpoint : I do believe that there is a Marshall-Walras divide but I have serious objections to the way n which the argument for this divide is usually made. In particular, I object to the tendency to treat the Marshallian approach as good and the Walrasian one as bad. In the last part of the paper, I dispute the view held by several authors that an embryonic general equilibrium model is to be found in Marshall’s Principles

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  • Michel, DE VROEY, 2007. "Marshallian and Walrasian Theory, Complementary or Alternative Approaches ? The Views in Presence," Discussion Papers (ECON - Département des Sciences Economiques) 2007002, Université catholique de Louvain, Département des Sciences Economiques.
  • Handle: RePEc:ctl:louvec:2007002
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    File URL: http://sites.uclouvain.be/econ/DP/IRES/2007-2.pdf
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    References listed on IDEAS

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    1. Michel De Vroey, 2002. "The history of economic thought: the French way," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 672-687.
    2. A. Leijonhufvud., 2006. "Keynes as a Marshallian," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
    3. M. A. Adelman, 1951. "Comment," The Quarterly Journal of Economics, Oxford University Press, vol. 65(2), pages 280-283.
    4. De Vroey, Michel, 2002. "Equilibrium and Disequilibrium in Walrasian and Neo-Walrasian Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 24(04), pages 405-426, December.
    5. Vroey, Michel De, 1999. "Transforming Walras Into a Marshallian Economist: A Critical Review of Donald Walker's Walras's Market Models," Journal of the History of Economic Thought, Cambridge University Press, vol. 21(04), pages 413-435, December.
    6. Thomas Mayer, 1992. "Truth versus precision in economics," Books, Edward Elgar Publishing, number 307, June.
    7. George Stigler, 1939. "Production and Distribution in the Short Run," Journal of Political Economy, University of Chicago Press, vol. 47, pages 305-305.
    8. Michel De Vroey, 2003. "Perfect information a la Walras versus perfect information a la Marshall," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(4), pages 465-492.
    9. Michel, DE VROEY, 2004. "On the Right Side for the Wrong Reason : Friedman on the Marshall-Walras divide," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    10. A. Leijonhufvud., 2006. "Episodes in a Century of Macroeconomics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11.
    11. Hoover, Kevin D., 2004. "Lost Causes," Journal of the History of Economic Thought, Cambridge University Press, vol. 26(02), pages 149-164, June.
    12. Hoover, Kevin D, 1984. "Two Types of Monetarism," Journal of Economic Literature, American Economic Association, vol. 22(1), pages 58-76, March.
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