Marshall, Keynes, and Macroeconomics

Ekkehart Schlicht

Munich Reprints in Economics from University of Munich, Department of Economics

Abstract: Marshall's notion of the representative firm can be read as a macro notion with some resemblance to Keynes' aggregative concepts. Keynes' notions of aggregate demand and aggregate supply are fashioned after Marshall's definitions of demand and supply. Keynes starts with the Marshallian equilibrium notion. The main innovation of Keynes--a conception of macroeconomic analysis as distinct from microeconomic analysis--may be understood as a particular application of Marshall's moving equilibrium method.

Keywords: Marshall; Keynes; moving equilibrium; temporary equilibrium; aggregation; inverse aggregation problem; representative agent; representative firm; aggregate demand; aggregate supply; effective demand (search for similar items in EconPapers)
JEL-codes: B13 B16 B22 B31 C02 D01 E12 (search for similar items in EconPapers)
Date: 1992
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Citations: View citations in EconPapers (2)

Published in Quaderni di Storia dell'Economia Politica 1 10(1992): pp. 511-529

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