Marshall, Evolutionary Economics, and Post-Keynesian Theory

Abstract

As is conveyed in the following review of the Arena and Quere’s (2003) edited volume on Marshall’s legacy, assessments of Marshall’s contribution often diverge along the following lines:

There are (at least) two sorts of Marshallian: the book-4 Marshallian and the book-5 Marshallian. Most of the contributors to this volume are book-4 Marshallians. Their collective point is that Marshall’s true legacy was not the period analysis of book 5 but something much more dynamic, Darwinian, and empirically based. There is something in this view, although the present reviewer’s position is that much though Marshall would have liked to have left a different legacy, he did not actually succeed in doing so.

(Collard 2004: 401)