Marshall and Walras: Incompatible bedfellows?
نویسندگان
چکیده
منابع مشابه
Marshall vs. Walras on Equilibrium and Disequilibrium
In this paper I critically analyse the view that John Hicks sought to establish, according to which Walras’ and Marshall’s approaches to price theory, while differing in scope (that is, general vs. partial analysis), are basically similar in their aims, presuppositions and results. By focusing on a special kind of economy (the pure-exchange, two-commodity economy), which has been formally studi...
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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 the same time. My evaluation will lead to a mixed conclusion. Posit...
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Analysing the recent history of macroeconomics, my paper claims that the new classical revolution should be viewed as a substitution of Walrasian macroeconomics to the earlier prevailing Marshallian macroeconomics. The first part of the paper is concerned with two conceptual prerequisites, the relationship between macroeconomics and general equilibrium, the meaning of the “Keynesian” modifier. ...
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The demise of the IS-LM model and its replacement by stochastic intertemporal equilibrium models is probably the most salient change that occurred in macroeconomics during the last quarter of the twentieth century, a shift that many commentators have viewed as a Kuhnian scientific revolution. My aim in this paper is to analyse it against the background of what I call the Marshall-Walras divide....
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We present a model in which unemployed workers simultaneously sample n potential employers. By varying n, we nest search and Walrasian-type models of the labor market. We show that low values of n yield typical search equilibria: the wages are dispersed below the marginal productivity of labor. Interestingly, as n exceeds a relatively small threshold, the Walrasian-type equilibrium emerges with...
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ژورنال
عنوان ژورنال: The European Journal of the History of Economic Thought
سال: 2011
ISSN: 0967-2567,1469-5936
DOI: 10.1080/09672567.2010.540345