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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
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 …
Persistent link: https://www.econbiz.de/10008515855
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
factors under a ceteris paribus clause. This view, which goes back to Alfred Marshall (1842-1924), is developed in the first … implicit in Keynes' writings but has been neglected more recently. It is argued that macroeconomic models are more stable and …
Persistent link: https://www.econbiz.de/10005518224
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
Keynes-Tinbergen controversy, it is argued that Keynes' criticism comprises the "Lucas critique," and that it is misleading …'s approach to the extreme and neglects the possibility of slowly changing structures, as conceived by Marshall. The position is …
Persistent link: https://www.econbiz.de/10005649780
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