 Alfred Marshall’s Partial Equilibrium: Dynamics in DisguiseMarco Dardi Chapter 6 in The Economics of Alfred Marshall, 2003, pp 84-112 from Palgrave Macmillan Abstract: Abstract The quotation points to a pattern that occurs frequently in Marshall’s illustrations of economic reasoning throughout the Principles, as well as in other works of his. In this chapter we seek to reconstruct the underlying theoretical framework in the light of a logical structure that seems to be particularly fitted for the Marshallian approach to the study of change. It will be found that the most essential element in the framework consists of the concept of partial equilibrium. Within the context of the present interpretation, however, the concept has little or nothing to do with current ideas about equilibrium, be it either general or, in the usual sense, partial. A full understanding of Marshall’s notion of equilibrium requires us to look beyond the all-too-easy mechanical metáphor of the composition of forces and the equally overly-easy graphic device of supply and demand ‘crosses’, towards the profound reasons that led him to compare certain states of things with the ’sinks’ of a dynamic system. Keywords: Stationary State; Economic Journal; Partial Equilibrium; External Economy; Representative Firm (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59963-5_6 Ordering information: This item can be ordered from DOI: 10.1007/978-0-230-59963-5_6 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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