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Equilibrium and Evolution : Alfred Marshall and the Marshallians by Neil Hart (2011, Hardcover)

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About this product

Product Identifiers

PublisherPalgrave Macmillan The Limited

ISBN-10023030270X

ISBN-139780230302709

eBay Product ID (ePID)3038271566

Product Key Features

Number of PagesXiii, 242 Pages

Publication NameEquilibrium and Evolution : Alfred Marshall and the Marshallians

LanguageEnglish

Publication Year2011

SubjectEconomics / Macroeconomics, Economics / General, Econometrics, Economics / Theory, Money & Monetary Policy

TypeTextbook

Subject AreaBusiness & Economics

AuthorNeil Hart

FormatHardcover

Dimensions

Item Height0.9 in

Item Weight18.4 Oz

Item Length9.7 in

Item Width5.7 in

Additional Product Features

Intended AudienceScholarly & Professional

LCCN2011-048082

Dewey Edition23

Number of Volumes1 vol.

IllustratedYes

Dewey Decimal339.5

Table Of ContentIntroduction: Competing Assessments of Alfred Marshall The Development of Marshall's Thought Marshall's 'Economic Biology' Marshall's Equilibrium Analysis and the 'Reconciliation Problem' Sraffa's Critique and 'Marshall's Theory' Getting Marshall 'Out of the Way' The Professionalisation of Economics and Marshall's Theory Increasing Returns and Economic Progress Epilogue: Marshall, the Marshallians and Modern Economics

SynopsisAlfred Marshall has traditionally been listed alongside pioneering 'neoclassical' economists. In this volume Neil Hart challenges this view, illuminating the ambiguities within Marshall's work, and exploring his reconciliation of two modes of thinking, equilibrium economics and evolutionary economics., Economics and Evolution examines the deep nature of Marshall's economic thought and its implications for future generations of Marshallians. The central thesis of Neil Hart's assessment is that Marshall's failure to reconcile and integrate the forces making for evolution and development with the forces making for transient economic order left the way open for his followers to ignore his claims for the power of evolutionary method. The subsequent development of equilibrium reasoning by his Cambridge followers and others emasculated the deep evolutionary content of Marshall's scheme. This broke the necessary connection between the self organisation and self transformation of markets in capitalist based economic systems, and rendered the stationary state as the appropriate mirror into which to reflect the real world. As the author makes clear this is a deeply distorting mirror, one that Marshall explicitly rejected. The reasons for Marshall's fate are shown to be partly Marshall's character, along with the anti-evolutionary spirit of the early twentieth century. The importance of evolutionary thought for the understanding of modern economies emerges as a key theme of the book., Alfred Marshall has traditionally been listed alongside pioneering 'neoclassical' economists. In this volume Neil Hart challenges this view, illuminating the ambiguities within Marshall's work, and exploring his reconciliation of two modes of thinking, equilibrium economics and evolutionary economics

LC Classification NumberHB172.5