Title of article :
What dont economists know now that Marshall knew a century ago? A note on Marshalls "sophisticated informality"
Author/Authors :
MARCHIONATTI، ROBERTO نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2004
Abstract :
In the twentieth century, economics was dominated by the idea that rigorous thinking is limited to the natural sciences. This belief has gotten in the way of contemporary economistsʹ understanding of Marshallʹs legacy. Marshall conceived of economics as a science of complexity. Hence, he considered it essential to take into account the institutional and behavioral peculiarities that often require the close attention to empirical details that the Walrasian approach neglected. Marshall held that the appropriate style for economics to deal with economic complexity should be made of different languages. Classical mathematical language alone cannot grasp the complexity of the real economy by itself, because it plots precisely defined conceptual borders where, in the real world, the borders are uncertain and the concepts ill-defined and unable to be captured in one precise definition.
Keywords :
Marshall complexity , mathematics method
Journal title :
Journal of Post Keynesian Economics(JPKE)
Journal title :
Journal of Post Keynesian Economics(JPKE)