The Economics of Alfred Marshall: Revisiting Marshall’s Legacy PDF
Preview The Economics of Alfred Marshall: Revisiting Marshall’s Legacy
The Economics of Alfred Marshall Also by Richard Arena SRAFFA: Trente AnsA pres (co-editor with J.L. Ravix) KEYNES ET LES NOUVEAUX KEYNESIENS (co-editor with D. Torre) THE ECONOMICS OF J. A. SCHUMPETER: Economic Development and Institutional Change (co-editor with C. Dangel-Hagnauer) The Economics of Alfred Marshall Revisiting Marshall's Legacy Edited by Richard Arena Professor ofE conomics University of Nice-Sophia Antipolis, France and Michel Quere Research Director lnstitut de Droit et d'Economie de Ia Finne et de l'lndustrie Centre National de la Recherche Scientifique, France * Editorial matter, selection and Chapter 1 © Richard Arena and Michel Quere 2003 Chapter 10 © Michel Quere 2003 Chapter 12 © Richard Arena 2003 Chapters 2-9, 11, 13-14 © Palgrave Macmillan Ltd 2003 Softcover reprint of the hardcover 1st edition 2003 978-1-4039-0168-2 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2003 by PALGRAVE MACMILLAN Houndmills, Basingstoke, Hampshire RG21 6XS and 17S Fifth Avenue, New York, N.Y. 10010 Companies and representatives throughout the world PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin's Press, LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries. ISBN 978-1-349-50782-5 ISBN 978-0-230-00103-9 (eBook) DOl 10.1007/978-0-230-00103-9 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data The economics of Alfred Marshall : revisiting Marshall's legacy I edited by Richard Arena and Michel Quere. p. em. Includes bibliographical references and index. 1. Marshall, Alfred, 1842-1924. 2. Economists-Great Britain. 3. Economics-History. I. Arena, R. (Richard) II. Quere, Michel, 19S9- HB 103.M3 E28 2003 330.1 S'7- dc21 2002073S42 10 9 876S4321 12 11 10 09 08 07 06 OS 04 03 Contents Notes on the Contributors vii 1 Introductory Remarks 1 Richard Arena and Michel Quire Part I The Legacy of Marshall's Economics 2 The Return of the 'White Elephant' 13 Giacomo Becattini 3 Dealing with Complexity: Marshall and Keynes on the Nature of Economic Thinking 32 Roberto Marchionatti 4 Alfred Marshall on Social Capital 53 David Reisman 5 Marshall's Objective: Making Orthodox Economics Intelligible to Business Leaders 67 Laurence S. Moss 6 Alfred Marshall's Partial Equilibrium: Dynamics in Disguise 84 MarcoDardi 7 Competition and Evolution: The Marshallian Conciliation Enterprise 113 Peter Groenewegen Part II Economic Evolution and the Organization of Industry: Marshallian Insights 8 Alfred Marshall's Principles and Industry and Trade: Two Books or One? Marshall and the Joint Stock Company 137 John K. Whitaker 9 From the Representative to the Equilibrium Firm: Why Marshall was not a Marshallian 158 Neil Hart v vi Contents 10 Increasing Returns and Competition: Learning from a Marshallian Perspective 182 Michel Quere 11 Efficiency and Time 202 Brian J. Loasby 12 Organization and Knowledge in Alfred Marshall's Economics 221 Richard Arena 13 Some Remarks on Marshallian External Economies and Industrial Tendencies 240 Marco Bellandi 14 Requirements and Patterns of Marshallian Evolution: Their Impact on the Notion of Industrial District 254 Tiziano Raffaelli Index 269 Notes on the Contributors Richard Arena is Professor of Economics at the University of Nice Sophia-Antipolis. He was the first chairman of the Steering Committee and one of the founders of the European Society for the History of Economic Thought. He is presently the Director of the French research network, History of Economic Thought and Economic Methodology, supported by CNRS. He co-edited several books including Sraffa trente ans apres (1990), Keynes and the Kenesians (1993), The Economics of [.A. Schumpeter (2002) and some articles on Alfred Marshall. Giacomo Becattini was born in Florence in 1927. He is Professor of Economics in the University of Florence, an honorary member of Trinity Hall (Cambridge), a member of the National Academy of Lincei, and a former president of the Italian Economic Association. He has won several awards for his contributions to economics, the latest being the Invernizzi Prize for 2002. Previously published works include Il concetto d'industria e la teoria del valore (Turin 1962), and soon to be published is Industria e carattere. Alfred Marshall e l'economica vittoriana (Turin 2002). Marco Bellandi is doctor of research and Associate Professor of Political Economy at the Faculty of Economics of the Universita degli studi di Firenze, where he teaches economics and industrial organization. He is on the executive board of Economia e politica industriale, and he is a member of the scientific committee of CEDIMES (Centre d'Etude Inter national et des Mouvements Economiques et Sociaux, Paris). His main fields of investigation are industrial districts (including an article on the industrial district in Alfred Marshall, first published in 1982) and indus trial organization. Marco Dardi is Professor at the Institute of Political Economy, Univer sity of Florence. Since 1993, he has been the Director of the Inter university Centre for Game Theory and Applications. His main research interests are decision theory and the history of economic thought. He published extensively, especially on the problems of labour markets and industrial organization, and on British economic thought in the nineteenth-century. vii viii Notes on the Contributors Peter Groenewegen is Emeritus Professor of Economics at the University of Sydney. He previously directed the Centre for the Study of the History of Economic Thought at the same University. Among his published work is the meticulous biography of Alfred Marshall, A Soaring Eagle (1995). Neil Hart is a lecturer in the School of Economics and Finance at the University of Western Sydney, Australia. His research interests include the history of economic thought, industry policy and macroeconomic theory. Papers on aspects of Marshall's economics have been published in journals such as the Cambridge Journal of Economics, Journal of Economic Methodology, Australian Economic Papers and The History of Economics Review. Brian J. Loasby is Emeritus Professor at the Economics Department, University of Stirling. He has published widely on the theory of economic organization, methodology, and the history of economic ideas, including Smith and Keynes. His work includes Choice, Complexity and Ignorance (1976), The Mind and Method of the Economist (1989), Equilibrium and Evolution (1991) and Knowledge Institutions and Evolution in Economics (1999) - joint winner of the Schumpeter Prize 2000 - and also many journal articles and contributions to books. Roberto Marchionatti is Professor of Economics at the University of Turin, Italy. He has published extensively in the fields of history of economic thought and industrial economics. He is the editor of Karl Marx Critical Responses (Routledge 1998) amd Piero Sraffa's Political Economy. A Centenary Estimate (Routledge 2002). Laurence S. Moss teaches in the Economics Department at Babson College in Massachusetts. Moss's other writings on Marshall include 'Biological Theory and Technological Entrepreneurship in [Alfred] Marshall's Writings' (Eastern Economic Journal, 1982, 8: 3-13) and 'Evolu tionary Choice and Marshall's Abandoned Second Volume' (Economie Appliquee, 43: 85-98). Moss is currently serving as editor-in-chief of The American Journal of Economics and Sociology which is now in its sixty-first year of continuous publication. His interests include the history of eco nomic thought, law and economics and the economics of the transition economy. Michel Quere is Research Director in Economics at the French National Centre for Scientific Research (CNRS). He joined the CNRS in 1990 Notes on the Contributors ix and belongs to a research group in economics ('Institut de Droit et d'Economie de la Firme et de l'Industrie') located in Sophia-Antipolis. His main research interests are the history of economic thought, the theory of the firm and the economics of innovation. He is the author of various pieces related to the economics of Alfred Marshall. Tiziano Raffaelli is Associate Professor of the History of Economic Thought, University of Cagliari. His main fields of research are classical political economy, the Cambridge School of economics and the meth odology of economics. Co-editor of Alfred Marshall's Lectures to Women (Elgar 1995), he is the author of books in Italian on Smith and economic methodology. His next book will be Marshall's Evolutionary Economics (Routledge 2002). He is managing editor of the Marshall Studies Bulletin. David Reisman is Professor of Economics at the University of Surrey and the Nanyang Technological University, Singapore. He is the author of The Economics of Alfred Marshall, Alfred Marshall: Progress and Politics and Alfred Marshall's Mission, as well as of a number of other books and articles on political economy. John K. Whitaker is Georgia Bankard Professor of Economics at the University of Virginia. He has worked on issues in economic theory and the history of economic thought and has written extensively on Alfred Marshall, whose correspondence and early manuscripts he has edited.
The list of books you might like
