On the Right Side for the Wrong Reason : Friedman on the Marshall-Walras divide
The aim of this article is to assess Friedman’s claim, put forward in his 1949 article on the Marshallian demand curve, that there is a methodological divide between the Marshallian and Walrasian approaches. Friedman’s argument will be critically examined and compared with the views he expressed in other articles written around thesame time. My evaluation will lead to a mixed conclusion. Positively, Friedman must be hailed for having brought the Marshall-Walras divide to the forefront. In a more critical vein, I will suggest, first, that Friedman’s argumentation in the 1949 paper is definitely wanting. A better account of the differences between Marshall and Walras is to be found in his 1955 review of Jaffé’s traslation of Walras’s Eléments d’économie pure. Second, I will claim that Friedman’s real target in his 1949 article was imperfect competition theory à la Chamberlin and Keynesianism à la Lange, which he wrongly associated with Walrasian theory. Third, present-day proponents of the divide will be criticised for having naively echoed Friedman’s argumentation instead of having tried to improve it. The paper finishes with an outline of the criteria that should be used for giving te Marshall-Walras divide a stronger grounding.
|Date of creation:||01 Apr 2004|
|Date of revision:|
|Contact details of provider:|| Postal: |
Fax: +32 10473945
Web page: http://www.uclouvain.be/ires
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.:
- De Vroey, Michel, 1997.
"Marshall on Equilibrium and Time. A Reconstruction,"
Discussion Papers (IRES - Institut de Recherches Economiques et Sociales)
1997010, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Michel De Vroey, 2000. "Marshall on equilibrium and time: a reconstruction," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(2), pages 245-269.
- Leijonhufvud, Axel, 1984. "Hicks on time and money," Discussion Papers, Series I 182, University of Konstanz, Department of Economics.
- Grandmont, Jean-Michel, 1977.
"Temporary General Equilibrium Theory,"
Econometric Society, vol. 45(3), pages 535-72, April.
- De Vroey, Michel, 2001. "Price Rigidity and Market-Clearing: A Conceptual Clarification," Cambridge Journal of Economics, Oxford University Press, vol. 25(5), pages 639-55, September.
- Hahn, Frank, 1990. "John Hicks the Theorist," Economic Journal, Royal Economic Society, vol. 100(401), pages 539-49, June.
- Hicks, John, 1977. "Economic Perspectives: Further Essays on Money and Growth," OUP Catalogue, Oxford University Press, number 9780198284079, March.
- Donald A. Walker (ed.), 2000. "Equilibrium," Books, Edward Elgar, volume 0, number 1585.
- 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.
- Leijonhufvud, Axel, 1984. "Hicks on Time and Money," Oxford Economic Papers, Oxford University Press, vol. 36(0), pages 26-46, Supplemen.
When requesting a correction, please mention this item's handle: RePEc:ctl:louvir:2004015. 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.