Marshall's dilemma: equilibrium versus evolution.(Alfred Marshall)

From: Journal of Economic Issues | Date: December 1, 2003| Author: Hart, Neil | Copyright information

Alfred Marshall remains somewhat of an enigmatic figure in the evolution of economic analysis. Historians of economic thought almost invariably accord Marshall a prominent role in the early development of "neoclassical" economics and in partial equilibrium analysis in particular. However, as Gerald Shove's (1942) and Joseph Schumpeter's (1941) semi-centennial appraisals observed more than fifty years ago, despite the prominent position designated to him, little in fact remains of M...

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