Marshallian and Walrasian Theory, Complementary or Alternative Approaches ? The Views in Presence
The aim of this paper is to examine economistsâ€™ 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 Marshallâ€™s Principles
|Date of creation:||01 Jan 2007|
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