Conclusion

Neil Hart
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Neil Hart: University of Western Sydney

Chapter 9 in Alfred Marshall and Modern Economics, 2013, pp 181-188 from Palgrave Macmillan

Abstract: Abstract This volume began by observing Marshall’s declaration that the Mecca of the economist lies in economic biology (Principles: xiv), together with Kenneth Arrow’s (1995: 1618) prediction, issued a century later, that economic theory may well embrace the ‘biological’ as a more appropriate paradigm than the equilibrium models ‘analogous to mechanics’. However, it has clearly been the case that, subsequent to Marshall, economic theory has evolved in a form that has departed significantly from Marshall’s economic biology Mecca, and continues to travel in a direction that defies Arrow’s prediction. The economics profession at large is more inclined to recognise Marshall as a prominent pioneering equilibrium theorist, and Arrow as a leading exponent and defender of modern equilibrium analysis.

Keywords: Equilibrium Analysis; Equilibrium Method; Modern Economic; Perfect Competition; Cumulative Causation (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-02975-1_9

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DOI: 10.1057/9781137029751_9

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