A Marshall-Walras Divide? A Critical Review of the Prevailing Viewpoints

Michel De Vroey

History of Political Economy, 2009, vol. 41, issue 4, 709-736

Abstract: The aim of this essay is to examine economists' views about the relationship between Marshallian and Walrasian theory. Are they complementary, as is usually believed, or do they constitute alternative research programs? I compare two viewpoints on this matter, the conciliatory and the antagonistic. After describing these, I present my own standpoint: I believe that there is a Marshall–Walras divide, but I have serious objections to the way in which the argument for this divide is usually made. In the last part of the paper, I examine the view held by several authors that an embryonic general equilibrium model is to be found in Marshall's Principles

Keywords: Marshallian theory; Walrasian theory (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (9)

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