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This paper discusses the relation between law and contingency in the formation of value. It begins from a much-ignored assertion of Marx, repeated throughout his works, that the equality of supply and demand is contingent and their non-equality constitutes their law. This highly complex and...
Persistent link: https://www.econbiz.de/10005789658
discontinuity, the conceptual structures of Marshall's and Keynes' conceptions of the determinants of investment are analysed and …
Persistent link: https://www.econbiz.de/10005505389
The belief that equality of demand and supply determines price and clears the market is universal. Shockingly, this belief is unfounded. It contradicts macro’s claim that equality of demand and supply determines output. It contradicts (new) monetary theory, which claims that equality of demand...
Persistent link: https://www.econbiz.de/10005413280
aggregierten Analyse zum Gegenstand. Die Überlegungen bauen auf den Schriften von Alfred Marshall (1842-1924) und John Maynard … Keynes (1883-1946) auf. …
Persistent link: https://www.econbiz.de/10005649755
temporal evolution of its parameters. This alternative view reinstates the notion which Marshall and Walras sought to extirpate …
Persistent link: https://www.econbiz.de/10005621983
Bruce Caldwell argues that Hayek eventually favoured an evolutionary response, and he endorses this recommendation. I am increasingly inclined to agree, although I believe that the concept of evolution needs to be handled with some care. Hayek himself was cautious, not least in The Sensory...
Persistent link: https://www.econbiz.de/10005418888
This paper proposes a textual analysis of Marshall's theory of firm pricing behavior under competitive conditions … the work of Alfred Marshall; and I argue that, even though only partial evidence can be found to support the adoption of … the notion of marginal cost pricing by Marshall, he developed some concepts, such as the distinction between short and …
Persistent link: https://www.econbiz.de/10008609684
Marshall’s – particularly to his essay, “The Present Position of Economics” (1885). The Walrasian approach is a bottom …-up, engineering vision: economics must be built on secure foundations of primitive theory, like a building. Marshall’s approach is a … empirically determining what lies behind them. Marshall’s methodology places the relationship between theory and empirical tools …
Persistent link: https://www.econbiz.de/10008620422
this paper I argue that the reason for this negative assessment is that Friedman, like Alfred Marshall before him, tried to … economics. This combination worked for Marshall, but did not work for Friedman, I argue that the profession's criticisms of …
Persistent link: https://www.econbiz.de/10009219370
After many explorations in different directions during the early 1930s, in 1934 Hicks ends up by advocating an interpretation of Walrasian equilibrium and capital theory along stationary lines, but the suggested interpretation is at variance with the view endorsed by the last Walras and by...
Persistent link: https://www.econbiz.de/10009324414