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Marshall, Keynes, and Macroeconomics


  • Schlicht, Ekkehart


Marshall's notion of the representative firm can be read as a macro notion with some resemblance to Keynes' aggregative concepts. Keynes' notions of aggregate demand and aggregate supply are fashioned after Marshall's definitions of demand and supply. Keynes starts with the Marshallian equilibrium notion. The main innovation of Keynes--a conception of macroeconomic analysis as distinct from microeconomic analysis--may be understood as a particular application of Marshall's moving equilibrium method.

Suggested Citation

  • Schlicht, Ekkehart, 1992. "Marshall, Keynes, and Macroeconomics," Munich Reprints in Economics 11055, University of Munich, Department of Economics.
  • Handle: RePEc:lmu:muenar:11055

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    References listed on IDEAS

    1. Perelman, Sergio & Pestieau, Pierre, 1988. "Technical performance in public enterprises : A comparative study of railways and postal services," European Economic Review, Elsevier, vol. 32(2-3), pages 432-441, March.
    2. Myerson, Roger B, 1979. "Incentive Compatibility and the Bargaining Problem," Econometrica, Econometric Society, vol. 47(1), pages 61-73, January.
    3. Henderson, P D, 1977. "Two British Errors: Their Probable Size and Some Possible Lessons," Oxford Economic Papers, Oxford University Press, vol. 29(2), pages 159-205, July.
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    Cited by:

    1. Schlicht, Ekkehart, 1997. "The moving equilibrium theorem again," Economic Modelling, Elsevier, vol. 14(2), pages 271-278, April.

    More about this item


    Marshall; Keynes; moving equilibrium; temporary equilibrium; aggregation; inverse aggregation problem; representative agent; representative firm; aggregate demand; aggregate supply; effective demand;

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian


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