Marshall, Keynes, and Macroeconomics

Schlicht, Ekkehart (1992): Marshall, Keynes, and Macroeconomics. In: Quaderni di Storia dell'Economia Politica , Vol. 10, No. 1: pp. 511-529.

Abstract

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.

• Item Type: Article
• Keywords: Marshall, Keynes, moving equilibrium, temporary equilibrium, aggregation, inverse aggregation problem, representative agent, representative firm, aggregate demand, aggregate supply, effective demand
• Subjects: Economics; Economics > Article
• Dewey Classification: 300 Social sciences > 330 Wirtschaft
• Journal of Economic Literature classification: B13, B16, B22, B31, C02, D01, E12

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