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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
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
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
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
between market à la Walras and market clearing à la Marshall exists : in the former market clearing is equilibrium, while in … labour market. Again the conclusion reached is affirmative both for Marshall’s theory and for present-day Marshallian models …
Persistent link: https://www.econbiz.de/10004984705
with the view endorsed by the last Walras and by Pareto at the turn of the century. In the second half of the 1930s, during … by the last Walras and by Pareto about forty years before. Yet this direct link with the Walrasian tradition is not …
Persistent link: https://www.econbiz.de/10009324414
In this paper we contrast the received view according to which Walras' and Marshall's approaches to price theory, while … assumptions underlying Walras' analysis of the trading process and his conception of the working of a competitive market will be … shown to be at variance with Marshall's assumptions and conception. In the second place, it will be shown that, starting …
Persistent link: https://www.econbiz.de/10009324462
. Against this setup I retrace his influence over three of the most important economists of the end of the XIXth century: Walras …, Edgeworth and Marshall. I show that there exists a theoretical representation that constitutes the indisputable reference … la influencia que sus ideas tuvieron sobre tres de los principales autores de finales del siglo XIX: Walras, Edgeworth y …
Persistent link: https://www.econbiz.de/10010763158
out to have a most elusive meaning; In a second section, I compare Marshall and Walras on equilibrium and time. Whenever …The aim of this paper is to ponder upon Marshall’s conception of equilibrium and to confront it withWalras’s. In a … possibility of disequilibrim. When Walras credit model is taken into account the result is more complicated. An important …
Persistent link: https://www.econbiz.de/10004984759
lead to a mixed conclusion. Positively, Friedman must be hailed for having brought the Marshall-Walras divide to the …. A better account of the differences between Marshall and Walras is to be found in his 1955 review of Jaffé’s traslation … it. The paper finishes with an outline of the criteria that should be used for giving te Marshall-Walras divide a …
Persistent link: https://www.econbiz.de/10004985179