The Dupuit–Marshall Theory of Competitive Equilibrium

Robert Ekelund and Robert Hebert

Economica, 1999, vol. 66, issue 262, 225-240

Abstract: Working with the classical expressions of demand, supply and market adjustments, the French engineer Jules Dupuit developed a model of competitive market adjustments in different time dimensions that anticipated Marshall’s ‘period analysis’ on all important points. Dupuit’s attempt to handle the complexity of economic phenomena in a scientific fashion, by utilizing the ceteris paribus method, and the integration of this method with the ‘facts’ of production in a ‘typical’ industry, generated a huge payoff for subsequent generations of economists. The payoff was enhanced by Marshall’s refinements, and realized by Marshall’s teaching, which took root in so many able students and disciples.

Date: 1999
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