Marshall and Edgeworth

John Creedy

Scottish Journal of Political Economy, 1990, vol. 37, issue 1, 18-39

Abstract: This paper contrasts the approaches of Alfred Marshall and Francis Y. Edgeworth to economics, paying particular attention to their views on moral philosophy and the role of mathematics in economics. Edgeworth's analysis of trade unions, stimulated by Marshall's discussion, is examined in relation to subsequent analyses of trade union bargaining models. Disputes between Edgeworth and Marshall, concerning indeterminacy in exchange and Giffen goods, are then discussed. Marshall's numerical example of a Giffen good, involving two methods of transport, is examined in detail. Copyright 1990 by Scottish Economic Society.

Date: 1990
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