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|
|Date of revision:|
|Contact details of provider:|| Postal: Place Montesquieu 3, 1348 Louvain-la-Neuve (Belgium)|
Fax: +32 10473945
Web page: http://www.uclouvain.be/econ
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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.
- Hoover, Kevin D., 2004. "Lost Causes," Journal of the History of Economic Thought, Cambridge University Press, vol. 26(02), pages 149-164, June.
- M. A. Adelman, 1951. "Comment," The Quarterly Journal of Economics, Oxford University Press, vol. 65(2), pages 280-283.
- 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.
- Thomas Mayer, 1992. "Truth Versus Precision In Economics," Books, Edward Elgar Publishing, number 307.
- A. Leijonhufvud., 2006. "Keynes as a Marshallian," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
- A. Leijonhufvud., 2006. "Episodes in a Century of Macroeconomics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11.
- Hoover, Kevin D, 1984. "Two Types of Monetarism," Journal of Economic Literature, American Economic Association, vol. 22(1), pages 58-76, March.
- 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).
When requesting a correction, please mention this item's handle: RePEc:ctl:louvec:2007002. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Anne DAVISTER-LOGIST)
If references are entirely missing, you can add them using this form.