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Marshall and Walras : Incompatible Bedfellows ?

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  • Michel DE VROEY

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

Abstract

The standard view about the relation between the Marshallian and the Walrasian approaches is that they are complementary to each other. My aim in this paper is to show that, on the contrary, they constitute alternative sub-research programs within the wider neoclassical paradigm. I make my point by contrasting the two approaches against the following benchmarks : the purpose of economic theory according to Marshall and Walras, their views as the role of mathematics, their ways of looking at the working of the economy as whole, the conception of equilibrium underpinning their theories and finally their trade organization assumptions

Suggested Citation

  • Michel DE VROEY, 2009. "Marshall and Walras : Incompatible Bedfellows ?," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2009008, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  • Handle: RePEc:ctl:louvir:2009008
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    Cited by:

    1. De Vroey Michel & Duarte Pedro Garcia, 2013. "In search of lost time: the neoclassical synthesis," The B.E. Journal of Macroeconomics, De Gruyter, vol. 13(1), pages 1-31, January.
    2. De Vroey, Michel, 2011. "Lucas on the relationship between theory and ideology," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 5, pages 1-39.
    3. Michel De Vroey, 2014. "Backhouse and Boianovsky on "disequilibrium theory". A review article of transforming modern macroeconomics. Exploring disequilibrium microfoundations, 1956-2003," The European Journal of the History of Economic Thought, Taylor & Francis Journals, pages 724-742.
    4. Michel De Vroey, 2010. "Getting rid of Keynes ? A survey of the history of macroeconomics from Keynes to Lucas and beyond," Working Paper Research 187, National Bank of Belgium.

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