September 2, 2017

Download Alfred Marshall and Modern Economics: Equilibrium Theory and by Neil Hart (auth.) PDF

By Neil Hart (auth.)

ISBN-10: 1349337781

ISBN-13: 9781349337781

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Extra info for Alfred Marshall and Modern Economics: Equilibrium Theory and Evolutionary Economics

Example text

Developments of mechanical appliances, of division of labour and of the means of transport, and improved organisation of all kinds, when they have been once obtained are not readily abandoned. (Principles: 807–8)19 These conceptual difficulties were further illustrated in Appendix H through the construction of what Marshall termed the ‘Particular Expenses Curve’ (Principles: 810). Here the economies associated with organisation and production on a large scale are explicitly taken as fixed and constant throughout.

37). 15 In the Principles, however, the graphical depictions of equilibrium found in Marshall’s earlier writings are relegated to footnotes and appendices, being replaced with textual explanations which draw heavily on the insights developed in Book III (‘On Wants and their Satisfaction’) and Book IV (‘The Agents of Production’). Significantly, the demand and supply schedules constructed by Marshall in the Principles are not derived in a systematic way from choice-theoretic approaches based on constrained optimisation principles.

External economies arose from the use of specialised skill and machinery depending on the aggregate volume of production in the neighbourhood, and also on the growth of knowledge and the progress of the arts which depend on the aggregate volume of production in the whole civilised world (Principles: 265–6). The most significant of the sources of external economies discussed by Marshall relates to the emergence of an ‘industrial atmosphere’, which promotes creativity and innovation and the Marshall’s Economic Biology and Equilibrium 19 transfer of knowledge among the geographically connected firms.

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