By Richard Arena, M. Quéré
The Economics of Alfred Marshall brings jointly a couple of major foreign students for a well timed reappraisal of Marshall's contribution to the advance of economics. The goals of the members are first of all to revisit the paintings of Alfred Marshall and to enquire the cohesion of his tasks, which modern authors frequently are likely to underestimate; and secondly to teach how Marshall's process isn't just a topic for historians of financial proposal, yet can also offer a message that's correct for the growth of economics.
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Additional resources for The Economics of Alfred Marshall: Revisiting Marshall’s Legacy
It can therefore more readily be understood why many Marshallian peculiar concepts and constructions have found a propitious ground for a return to the bosom of economic research, even appearing on the threshold of the sancta sanctorum of high theory. We may well ask ourselves whether a new season of neo-Marshallian studies is just round the corner. I have my doubts. In fact I have one more question: how will it be possible (without calling into question the division of scientific labour that had become solidly entrenched by the later nineteenth and early twentieth century) to reconcile this established framework with the Marshallian vision of the kind of society most fit for adjusting means to aims?
One may wonder why Marshall himself jettisoned the district, to the point of not including it in the subject index of his books. I do not yet The Return of the 'White Elephant' 24 have a real answer to put forward, but I think it should be sought in the area of the ideological compatibilities among the different parts of his general conception. He certainly did continue, here and there, to mention industrial districts, and he was instrumental in guiding the much-loved Chapman towards intensive study of the district of Lancashire (1904).
This address provoked 'plenty of thought' in Keynes (letter of 4 July, in Keynes 1973b). It was the occasion for Keynes to make his mature conception of economics explicit. First of all, Keynes maintains that 'economics is a branch of logic, a way of thinking' (1973b: 296). In a successive letter he adds: 'Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. It is compelled to be this, because, unlike the typical natural science, the material which it is applied to is, in too many respects, not homogeneous through time' (letter of 4 July, in Keynes 1973b: 297).