Marshall, Keynes, and Macroeconomics
AbstractMarshall'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.
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Bibliographic InfoPaper provided by University of Munich, Department of Economics in its series Munich Reprints in Economics with number 11055.
Date of creation: 1992
Date of revision:
Publication status: Published in Quaderni di Storia dell'Economia Politica 1 10(1992): pp. 511-529
Marshall; Keynes; moving equilibrium; temporary equilibrium; aggregation; inverse aggregation problem; representative agent; representative firm; aggregate demand; aggregate supply; effective demand;
Find related papers by JEL classification:
- B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
- B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
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- Schlicht, Ekkehart, 1997. "The moving equilibrium theorem again," Economic Modelling, Elsevier, vol. 14(2), pages 271-278, April.
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