Alfred Marshall and Modern Economics demonstrates that it is
possible to take Marshall's theoretical insights in two distinctly
different directions: one is to reject evolution and go down the
equilibrium path, while the second is to reject equilibrium and go
down the evolutionary path. Neil Hart re-examines Marshall's legacy
and relevance to modern economic analysis with the more settled
conventional wisdom concerning evolutionary processes allowing
advances in economic theorising which were not possible in
Marshall's life time. A more theoretically coherent and relevant
approach to modern economic analysis is proposed by connecting
aspects of Marshall's revitalised evolutionary economics with
Post-Keynesian theories, in a manner which parallels Marshall's
endeavour to maintain a unity between value theory and explanations
of industry organisation and economic development. This book will
be essential reading for all researchers and students interested in
the history of economic thought.
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