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The Elgar Companion to Alfred Marshall
The Companion places Alfred Marshall’s ideas in their historical context, highlighting the many streams of social research originating from them. The contributors form a remarkable cast of leading experts, covering a spectrum of Marshallian themes and issues.
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Critical Acclaim
Contributors
Contents
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In light of the recent and ongoing surge of interest in Alfred Marshall’s work, this new and original reference volume fills a gap in the literature through a detailed examination of his thought and of his contributions to economics and social science.
The Companion places Alfred Marshall’s ideas in their historical context, highlighting the many streams of social research originating from them. The contributors form a remarkable cast of leading experts, covering a spectrum of Marshallian themes and issues, including:
• his life and work
• background and influences
• scope and methodology of economics
• economic analysis – including distribution theory, industrial economics and money
• social and political issues
• relations with his contemporaries
• the Marshallian tradition
• relevance to contemporary economics.
This comprehensive and multidisciplinary Companion illustrates the relevance of Marshall to present-day economic reality and as such will prove an invaluable reference tool for general economists and a wide ranging audience: historians of economic thought; economic, political and cultural historians; industrial, regional and development economists; economists interested in institutional, cognitive and evolutionary economics.
The Companion places Alfred Marshall’s ideas in their historical context, highlighting the many streams of social research originating from them. The contributors form a remarkable cast of leading experts, covering a spectrum of Marshallian themes and issues, including:
• his life and work
• background and influences
• scope and methodology of economics
• economic analysis – including distribution theory, industrial economics and money
• social and political issues
• relations with his contemporaries
• the Marshallian tradition
• relevance to contemporary economics.
This comprehensive and multidisciplinary Companion illustrates the relevance of Marshall to present-day economic reality and as such will prove an invaluable reference tool for general economists and a wide ranging audience: historians of economic thought; economic, political and cultural historians; industrial, regional and development economists; economists interested in institutional, cognitive and evolutionary economics.
Critical Acclaim
‘Marshall’s importance has been widely recognized for over one hundred years and there is a vast quantity of research and writing on his work. Tiziano Raffaelli, Giacomo Becattini and Marco Dardi have made an impressive contribution to that literature as editors of The Elgar Companion to Alfred Marshall. . . Generally the entries serve as good introductions to the subjects they address and will be particularly useful to students, researchers and non-specialists. . . It makes a definite contribution in highlighting the breadth and complexity of Marshall’s thought without underplaying his contributions to economics. The Elgar Companion to Alfred Marshall makes a fine addition to any economics reference collection.’
– David Andrews, EH.Net
‘. . . this stimulating, wide-ranging and ambitious volume manages to combine an impressive range of scholarship with some wonderful insights into individual topics. . . It is a substantial intellectual undertaking that makes a significant contribution to the study of Alfred Marshall and Marshallian economics for which economists, historians of economics and intellectual historians of Victoriana will be greatly indebted.’
– Mark Donoghue, History of Economics Review
‘This monumental volume, containing 99 essays of uniformly high quality by 72 contributors, is a testament to the excellence of its three editors. It illuminates every facet of Alfred Marshall’s intellectual development and creativity. . . This volume, which demonstrates a solid intellectual foundation, is a very important work in economics. Highly recommended.’
– J. Murdock, Choice
– David Andrews, EH.Net
‘. . . this stimulating, wide-ranging and ambitious volume manages to combine an impressive range of scholarship with some wonderful insights into individual topics. . . It is a substantial intellectual undertaking that makes a significant contribution to the study of Alfred Marshall and Marshallian economics for which economists, historians of economics and intellectual historians of Victoriana will be greatly indebted.’
– Mark Donoghue, History of Economics Review
‘This monumental volume, containing 99 essays of uniformly high quality by 72 contributors, is a testament to the excellence of its three editors. It illuminates every facet of Alfred Marshall’s intellectual development and creativity. . . This volume, which demonstrates a solid intellectual foundation, is a very important work in economics. Highly recommended.’
– J. Murdock, Choice
Contributors
Contributors: A. Baccini, R.E. Backhouse, P. Barrotta, B.W. Bateman, G. Becattini, M. Bellandi, E.F. Biagini, R.S. Bowman, P. Bridel, R.W. Butler, K. Caldari, M. Casson, C. Cecchi, F. Cerina, R. Coase, B.W. Coats, D.A. Collard, S. Cook, G. Corsani, J. Creedy, C. Cristiano, M. Dardi, M. De Vroey, M. Egidi, J. Foster, R.D. Freeman, K. Fuji, A. Gay, B. Gerbier, P. Giovannini, P.D. Groenewegen, N. Hart, G.M. Hodgson, T.M. Humphrey, J. Kerstenetzky, M. Kondo, G.M. Koot, R.N. Langlois, A. Leijonhufvud, B.J. Loasby, R. Marchionatti, R. Martin, R. McWilliams Tullberg, S.G. Medema, J.S. Metcalfe, D.E. Moggridge, T. Nishizawa, D.P. O’Brien, A. Opocher, E. Pesciarelli, R. Petridis, R. Prendergast, M. Quéré, T. Raffaelli, S. Rashid, D.A. Reisman, S. Rizzello, A. Rosselli, W.J. Samuels, E. Schlicht, B. Schultz, I. Steedman, C. Stray, E.W. Streissler, G. Tezel, M. Vahabi, J. Vromen, J.K. Whitaker, P.L. Williams, A. Zanni
Contents
Contents:
Introduction
PART I: LIFE AND WORK
1. Life and Activities
Peter D. Groenewegen
2. Mary Paley Marshall
Rita McWilliams Tullberg
3. The Early Philosophical Papers
Brian J. Loasby
4. ‘Ye Machine’
Tiziano Raffaelli
5. The Early Historical Notes
Simon Cook
6. The Early Economic Writings
John K. Whitaker
7. Teacher and Academic
Peter D. Groenewegen
8. The Economics of Industry
Giacomo Becattini and Marco Dardi
9. The Economics Tripos
Tamotsu Nishizawa
10. Principles of Economics: Genesis, Structure and Evolution
John K. Whitaker
11. Industry and Trade
Philip L. Williams
12. Money, Credit and Commerce
Annalisa Rosselli
13. Giving Advice to Governments
Peter D. Groenewegen
PART II: BACKGROUND AND INFLUENCES
14. The Victorian Cultural Context
Robert W. Butler
15. The Young Marshall’s University
Christopher Stray
16. Early Influences
Simon Cook
17. Readings and Library
Katia Caldari
18. Interpreter of the ‘Classics’
Peter D. Groenewegen
19. Charles Babbage
Simon Cook
20. The Influence of German Economists
Erich W. Streissler
PART III: SCOPE AND METHOD
21. Marshall on Method
Ronald Coase
22. The Definition of Economics
Roger E. Backhouse
23. Mathematics and Statistics
Marco Dardi
24. Economics and Sociology
Paolo Giovannini
25. Economics and Economic History
Gerard M. Koot
26. Economics and Ethics
Bob W. Coats and Tiziano Raffaelli
27. Economics and Psychology
Simon Cook
28. Economics and Biology
Geoffrey M. Hodgson
29. Economic Nations
Giacomo Becattini
PART IV: ECONOMIC ANALYSIS
A. Equilibrium and Dynamics
30. Partial Equilibrium and Period Analysis
Marco Dardi
31. Market Adjustment Processes
Axel Leijonhufvud
32. Marshall versus Walras on Equilibrium
Michel De Vroey
33. The Principle of Substitution
Antonio Gay
34. Coeteris Paribus
Fabio Cerina
35. Differentiation and Integration
Gülbahar Tezel
B. The Theory of Value
36. Normal Value
Mehrdad Vahabi
37. Time
John Foster
38. Wants and Activities
Bradley W. Bateman
39. Demand
Marco Dardi
40. Custom and Competition
Ekkehart Schlicht
41. Market Forms and Market Power
Jaques Kerstenetzky
C. The Theory of Distribution
42. The Theory of Distribution: An Overview
John K. Whitaker
43. Labour and Wages
Katia Caldari
44. Prospectiveness and Productiveness: The Theory of Capital and Interest
Ian Steedman
45. Entrepreneurship and Profits
Enzo Pesciarelli
46. Rent
John K. Whitaker
47. Quasi-rent and Composite Quasi-rent
Masashi Kondo
48. Share Tenancy and Sharecropping
Claudio Cecchi
D. Industrial Analysis
49. Industrial Organization
Brian J. Loasby
50. Increasing and Diminishing Returns
Renee Prendergast
51. Internal and External Economies
Marco Bellandi
52. The Localization of Industry
Ron Martin
53. Business Size
Neil Hart
54. Standardization
Kenji Fuji
55. The Representative Firm
Michel Quéré
E. Money and Commerce
56. The Quantity Theory of Money
Thomas M. Humphrey
57. Price Stabilization Policies
Alberto Zanni
58. Credit Cycles and the Rate of Interest
Pascal Bridel
59. The Theory of International Trade
John Creedy
60. Marketing
Mark Casson
61. The Barter Controversy
John Creedy
62. Speculation
Bradley W. Bateman
63. Trade Policy
Roger E. Backhouse
PART V: SOCIAL AND POLITICAL ISSUES
64. Progress
Katia Caldari
65. Character and Capabilities
Tiziano Raffaelli
66. State Intervention
David A. Reisman
67. Trade Unions
Roy Petridis
68. Cooperation
Bernard Gerbier
69. Industrial Relations
Tamotsu Nishizawa
70. Socialism
Rita McWilliams Tullberg
71. Education
Simon Cook
72. Women’s Education
Rita McWilliams Tullberg
73. Economic Chivalry
Bernard Gerbier
74. The Residuum
Rhead S. Bowman
75. Population
Rhead S. Bowman
76. Environmentalism and Town Planning
Giacomo Becattini and Gabriele Corsani
77. New Liberalism
Eugenio F. Biagini
PART VI: MARSHALL AND HIS CONTEMPORARIES
78. Henry Sidgwick
Bart Schultz
79. William Kingdon Clifford
Tiziano Raffaelli
80. Benjamin Jowett
Warren J. Samuels
81. William Stanley Jevons
John K. Whitaker
82. Francis Ysidro Edgeworth
Alberto Baccini
83. Herbert Somerton Foxwell
Richard D. Freeman
84. William Cunningham
Salim Rashid
85. John Neville Keynes
Rita McWilliams Tullberg
86. Arthur Cecil Pigou
David A. Collard
87. John Maynard Keynes
Donald E. Moggridge
88. Walter Thomas Layton
Carlo Cristiano
PART VII: MARSHALL’S LEGACY
89. The Marshallian School of Economics
Giacomo Becattini
90. The ‘Increasing Returns and Competition’ Dilemma: From Marshall to Pigou
Roberto Marchionatti
91. The Theory of the Firm After Marshall
Denis P. O’Brien
92. Welfare Economics: Marshallian Welfare Economics and the Economic Welfare of Marshall
Steven G. Medema
PART VIII: MARSHALL AND PRESENT-DAY ECONOMICS
93. Evolutionary Economics
J. Stanley Metcalfe
94. Industrial Economics
Richard N. Langlois
95. The Industrial District and Development Economics
Giacomo Becattini
96. Cognitive Economics
Massimo Egidi and Salvatore Rizzello
97. Institutional Economics: Digging Deeper into the Interplay between Institutions and Individual Behaviour
Jack Vromen
98. Methodology
Pierluigi Barrotta
99. Microeconomics of Supply
Arrigo Opocher
Index
Introduction
PART I: LIFE AND WORK
1. Life and Activities
Peter D. Groenewegen
2. Mary Paley Marshall
Rita McWilliams Tullberg
3. The Early Philosophical Papers
Brian J. Loasby
4. ‘Ye Machine’
Tiziano Raffaelli
5. The Early Historical Notes
Simon Cook
6. The Early Economic Writings
John K. Whitaker
7. Teacher and Academic
Peter D. Groenewegen
8. The Economics of Industry
Giacomo Becattini and Marco Dardi
9. The Economics Tripos
Tamotsu Nishizawa
10. Principles of Economics: Genesis, Structure and Evolution
John K. Whitaker
11. Industry and Trade
Philip L. Williams
12. Money, Credit and Commerce
Annalisa Rosselli
13. Giving Advice to Governments
Peter D. Groenewegen
PART II: BACKGROUND AND INFLUENCES
14. The Victorian Cultural Context
Robert W. Butler
15. The Young Marshall’s University
Christopher Stray
16. Early Influences
Simon Cook
17. Readings and Library
Katia Caldari
18. Interpreter of the ‘Classics’
Peter D. Groenewegen
19. Charles Babbage
Simon Cook
20. The Influence of German Economists
Erich W. Streissler
PART III: SCOPE AND METHOD
21. Marshall on Method
Ronald Coase
22. The Definition of Economics
Roger E. Backhouse
23. Mathematics and Statistics
Marco Dardi
24. Economics and Sociology
Paolo Giovannini
25. Economics and Economic History
Gerard M. Koot
26. Economics and Ethics
Bob W. Coats and Tiziano Raffaelli
27. Economics and Psychology
Simon Cook
28. Economics and Biology
Geoffrey M. Hodgson
29. Economic Nations
Giacomo Becattini
PART IV: ECONOMIC ANALYSIS
A. Equilibrium and Dynamics
30. Partial Equilibrium and Period Analysis
Marco Dardi
31. Market Adjustment Processes
Axel Leijonhufvud
32. Marshall versus Walras on Equilibrium
Michel De Vroey
33. The Principle of Substitution
Antonio Gay
34. Coeteris Paribus
Fabio Cerina
35. Differentiation and Integration
Gülbahar Tezel
B. The Theory of Value
36. Normal Value
Mehrdad Vahabi
37. Time
John Foster
38. Wants and Activities
Bradley W. Bateman
39. Demand
Marco Dardi
40. Custom and Competition
Ekkehart Schlicht
41. Market Forms and Market Power
Jaques Kerstenetzky
C. The Theory of Distribution
42. The Theory of Distribution: An Overview
John K. Whitaker
43. Labour and Wages
Katia Caldari
44. Prospectiveness and Productiveness: The Theory of Capital and Interest
Ian Steedman
45. Entrepreneurship and Profits
Enzo Pesciarelli
46. Rent
John K. Whitaker
47. Quasi-rent and Composite Quasi-rent
Masashi Kondo
48. Share Tenancy and Sharecropping
Claudio Cecchi
D. Industrial Analysis
49. Industrial Organization
Brian J. Loasby
50. Increasing and Diminishing Returns
Renee Prendergast
51. Internal and External Economies
Marco Bellandi
52. The Localization of Industry
Ron Martin
53. Business Size
Neil Hart
54. Standardization
Kenji Fuji
55. The Representative Firm
Michel Quéré
E. Money and Commerce
56. The Quantity Theory of Money
Thomas M. Humphrey
57. Price Stabilization Policies
Alberto Zanni
58. Credit Cycles and the Rate of Interest
Pascal Bridel
59. The Theory of International Trade
John Creedy
60. Marketing
Mark Casson
61. The Barter Controversy
John Creedy
62. Speculation
Bradley W. Bateman
63. Trade Policy
Roger E. Backhouse
PART V: SOCIAL AND POLITICAL ISSUES
64. Progress
Katia Caldari
65. Character and Capabilities
Tiziano Raffaelli
66. State Intervention
David A. Reisman
67. Trade Unions
Roy Petridis
68. Cooperation
Bernard Gerbier
69. Industrial Relations
Tamotsu Nishizawa
70. Socialism
Rita McWilliams Tullberg
71. Education
Simon Cook
72. Women’s Education
Rita McWilliams Tullberg
73. Economic Chivalry
Bernard Gerbier
74. The Residuum
Rhead S. Bowman
75. Population
Rhead S. Bowman
76. Environmentalism and Town Planning
Giacomo Becattini and Gabriele Corsani
77. New Liberalism
Eugenio F. Biagini
PART VI: MARSHALL AND HIS CONTEMPORARIES
78. Henry Sidgwick
Bart Schultz
79. William Kingdon Clifford
Tiziano Raffaelli
80. Benjamin Jowett
Warren J. Samuels
81. William Stanley Jevons
John K. Whitaker
82. Francis Ysidro Edgeworth
Alberto Baccini
83. Herbert Somerton Foxwell
Richard D. Freeman
84. William Cunningham
Salim Rashid
85. John Neville Keynes
Rita McWilliams Tullberg
86. Arthur Cecil Pigou
David A. Collard
87. John Maynard Keynes
Donald E. Moggridge
88. Walter Thomas Layton
Carlo Cristiano
PART VII: MARSHALL’S LEGACY
89. The Marshallian School of Economics
Giacomo Becattini
90. The ‘Increasing Returns and Competition’ Dilemma: From Marshall to Pigou
Roberto Marchionatti
91. The Theory of the Firm After Marshall
Denis P. O’Brien
92. Welfare Economics: Marshallian Welfare Economics and the Economic Welfare of Marshall
Steven G. Medema
PART VIII: MARSHALL AND PRESENT-DAY ECONOMICS
93. Evolutionary Economics
J. Stanley Metcalfe
94. Industrial Economics
Richard N. Langlois
95. The Industrial District and Development Economics
Giacomo Becattini
96. Cognitive Economics
Massimo Egidi and Salvatore Rizzello
97. Institutional Economics: Digging Deeper into the Interplay between Institutions and Individual Behaviour
Jack Vromen
98. Methodology
Pierluigi Barrotta
99. Microeconomics of Supply
Arrigo Opocher
Index