Marshallian General Equilibrium Analysis

This paper discusses Marshall's conception of a general equilibrium system. It argues that conceptually, Marshallian general equilibrium analysis is at a much higher level than Walrasian general equilibrium analysis, and, because it is, it is far more compatible with modern developments in economics than is Walrasian general equilibrium. Thus, Marshall's work is not a stepping stone to Walras, but instead a stepping stone beyond Walras. It is consistent with a fundamentally different conception of general equilibrium, one which recognizes that the mathematical formulation of a meaningful general equilibrium model is much more intractable than those with which Walras and later Walrasians dealt.