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Marshall on Equilibrium and Time. A Reconstruction

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  • De Vroey, Michel

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

Abstract

The aim of this paper is to put forward an alternative to the standard interpretation of Marshall's conception of equilibrium and time. In this new interpretation, the market-period receives a central role. It is considered as the unit of time of the analysis, on the one hand, and as the only direct observable market reality of the Marshallian construct, on the other. The standard interpretation of Marshall’s equilibrium taxonomy, with its threefold sub-division (market-period, short-period and long-period equilibrium) is proposed instead. An alternative interpretation of Marshall’s corn model is proposed, wherein perfect information is considered as the linchpin of the making of equilibrium. The relationship between market-period and normal equilibrium is re-examinated. It is shown that market-clearing is always realized in Marshallian theory. Finally, it is argued that this reconstruction permits avoiding a series of interpretative pitfalls.

Suggested Citation

  • De Vroey, Michel, 1997. "Marshall on Equilibrium and Time. A Reconstruction," LIDAM Discussion Papers IRES 1997010, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvir:1997010
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    Cited by:

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    2. Emeric Lendjel, 2000. "The statistical origin of the cobweb diagram," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-03243880, HAL.
    3. Michel De Vroey, 2006. "The temporary equilibrium method: Hicks against Hicks," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(2), pages 259-278.
    4. Michel De Vroey, 2004. "Lucas on involuntary unemployment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(3), pages 397-411, May.
    5. Juli Radev, 2011. "Static and dynamic market disequilibrium," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 36-63.
    6. Michel, DE VROEY, 2004. "On the Right Side for the Wrong Reason : Friedman on the Marshall-Walras divide," LIDAM Discussion Papers IRES 2004015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    7. Emeric Lendjel, 2000. "The statistical origin of the cobweb diagram," Post-Print halshs-03243880, HAL.

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