Marshall, Keynes, and Macroeconomics

Marshall'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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Year of publication:	1992
Authors:	Schlicht, Ekkehart
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	Marshall \| Keynes \| moving equilibrium \| temporary equilibrium \| aggregation \| inverse aggregation problem \| representative agent \| representative firm \| aggregate demand \| aggregate supply \| effective demand

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Extent:	application/pdf
Series:	Munich Reprints in Economics.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Published in Quaderni di Storia dell'Economia Politica 1 10(1992): pp. 511-529
Classification:	B13 - Neoclassical through 1925 ; B16 - History of Economic Thought: Quantitative and Mathematical ; B22 - Macroeconomics ; B31 - Individuals ; C02 - Mathematical Methods ; D01 - Microeconomic Behavior: Underlying Principles ; E12 - Keynes; Keynesian; Post-Keynesian
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008515855