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Introduction
No full textNew knowledge on Marshall's work helps us to see him in a different perspective from that of a shy marginalist, who lacked the courage to march unhesitantingly towards Walras's general equilibrium. Recent developments in evolutionary economics, neuroeconomics and industrial economics vindicate many Marshallian intuitions, derived from his early interest in psychology and biology, though at the time held back by the backwardness of analytical tools. The text maintains that the book, of which it forms the introduction, provides a revaluation of Marshall's work, a better understanding of the interconnection between its analytical and non-analytical components, usually seen as opposite to each other, and helps to place partial equilibrium analysis in a wider context, as part and parcel of Marshall's evolutionary economics
The Elgar Companion to Alfred Marshall
No full textSince 1990, the Principles centenary year, there has been a resurgence of interest in Marshall’s work, with the publication of his correspondence, his early philosophical and historical manuscripts and his first biography. Moreover, Italian research on industrial districts has revisited the core of Marshall’s industrial economics and its relationship with his social philosophy. These new trends have invited a reassessment of Marshall’s legacy to contemporary economics and have had a profound impact on the role he is assigned in the history of economic thought. The book is the first attempt to reconsider Marshall’s work in the light of these new historical and theoretical perspectives. It places Marshall’s ideas in their historical context, highlighting their influence on the development of economic and social thought. Contributors include all leading Marshallian scholars, who provide carefully thought-out overviews and original interpretations of individual topics from different points of view
The Impact of Alfred Marshall's Ideas: The Global Diffusion of his Work
No full textThis book surveys the diffusion and reception of Alfred Marshall's ideas and the ways they have influenced the development of economic science up to the present day. It offers an interesting perspective on the national traditions of economic thought, in both English and non-English speaking countries, as well as on the work of leading economists. As this work demonstrates, the variety of responses elicited by Alfred Marshall's thought testifies to its richness as well as to the plurality of conceptions of the role and tasks of economics in different times and places
Destabilising speculation on organised markets: early perspectives in the spirit of Marshall
No full textThe idea that speculation exacerbates commodity and stock price volatility dates back at least from the second half of the 19th Century when an extensive literature emerged to which Marshall contributed. The essence of his arguments, originally applied to commodities and subsequently extended to securities, was that speculation is mostly beneficial. Professional speculation, improves resource allocation by reducing the size (if not frequency) of price fluctuations, enabling producers, manufactures and traders to hedge against price risks and increasing the liquidity (and market value) of traded assets. These benefits more than offset the costs associated with occasional market manipulation and the problems raised by the presence of amateur speculators . According to Marshall, amateurs add noise to the market and tempt professionals away from their fundamental (and constructive) duties. As the number of amateurs increases, so does the incentive for professionals to devote their resources to anticipating short-run fluctuations in amateur opinion, which may have little if any connection with fundamentals. Based on these analytical considerations, Marshall endorsed the use of futures and short-selling by professionals while opposing options, which he saw as dangerous instruments in the service of ill-advised speculation
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