Marshall's Theory of Value: The Role of External Economies

Neil Hart

Cambridge Journal of Economics, 1996, vol. 20, issue 3, 353-69

Abstract: The view that Alfred Marshall relied upon the assumption of 'external economies' in his attempt to reconcile the existence of 'competition' and decreasing long-run average costs continues to attract many supporters. However, it is argued here that, in Marshall's writings, external economies were to play only a very minor role in the reconciliation exercise. Subsequent writers' emphasis on the role of external economies is shown to reflect a lack of understanding of the object of Marshall's (as opposed to the 'Marshallians') reconciliation problem. (c) 1996 Academic Press Limited Copyright 1996 by Oxford University Press.

Date: 1996
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