The Marshallian Market and the Walrasian Economy. Two Incompatible Bedfellows.
The aim of this paper is to question a view, which is usually taken for granted, namely that the Marshallian partial equilibrium and Walrasian general equilibrium analysis stand in a relationship of continuity. It will be claimed that the contrary is true: the generalisation of the Marshallian market does not lead to a Walrasian economy or, conversely, the Walrasian economy is not composed of Marshallian markets. The issue of why no full-fledged Marshallian representation of the economy has arisen which will be investigated. Finally, it will be claimed that if the Marshallian economy concept has no explicit existence, it has nonetheless an implicit one. Copyright 1999 by Scottish Economic Society.
Year of publication: |
1999
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Authors: | De Vroey, Michel |
Published in: |
Scottish Journal of Political Economy. - Scottish Economic Society - SES. - Vol. 46.1999, 3, p. 319-38
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Publisher: |
Scottish Economic Society - SES |
Saved in:
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