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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
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
This article contributes to the explanation of the methodological differences between Cournot and Walras when these … authors apply mathematics to economics. Our article explains the reasons behind Cournot’s refusal when Walras required him to … specific way of considering mathematics in economics. This way differs from the Walras’ one in several aspects. …
Persistent link: https://www.econbiz.de/10009003042
by two emblematic authors, Ricardo and Walras. Divergences between the two theories arise less from their ideological and …
Persistent link: https://www.econbiz.de/10008831601
Entry for the Elgar Companion to Alfred Marshall, edited by Tiziano Raffaelli, Marco Dardi, and Giacomo Becatini …
Persistent link: https://www.econbiz.de/10010427403
This note comments briefly on Mehdad Vahabi's article on Alfred Marshall's concept of "Normal Value." It points out, in … particular, the relationship between normality and equilibrium in the context of Marshall's moving equilibrium method. …
Persistent link: https://www.econbiz.de/10010427422
This note comments briefly on Mehdad Vahabi's article on Alfred Marshall's concept of "Normal Value." It points out, in … particular, the relationship between normality and equilibrium in the context of Marshall's moving equilibrium method. …
Persistent link: https://www.econbiz.de/10010440431
Entry for "The Elgar Companion to Alfred Marshall", edited by Tiziano Raffaelli, Marco Dardi, and Giacomo Becatini …
Persistent link: https://www.econbiz.de/10010440450
Acceptance of computer modeling and experimentation has spread slowly at best in economics in large part because agent-based models often seem foreign to the neoclassical core of economics, as that core is understood today. But in its beginnings neoclassical economics was not built from choice...
Persistent link: https://www.econbiz.de/10014024369
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 … analysis as distinct from microeconomic analysis--may be understood as a particular application of Marshall's moving …
Persistent link: https://www.econbiz.de/10008515855