Marshall's Industrial Analysis

D P O'Brien

Scottish Journal of Political Economy, 1990, vol. 37, issue 1, 61-84

Abstract: Failure to understand Alfred Marshall's industrial economics has led to failure to understand the nature of much of his analysis. It is highly complex and it defies the standard modeling procedures because the outcome of any given situation is thoroughly case-history-specific. There were general principles to be disentangled from industrial data (the One in the Many); but no simple modeling could do justice to the complexity of individual cases (the Many in the One). His successors judged his emphasis to be wrong and, at the very least, made it much harder for themselves to understand the work of Marshall. Copyright 1990 by Scottish Economic Society.

Date: 1990
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