On the Right Side for the Wrong Reason : Friedman on the Marshall-Walras divide
(2004)
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- Abstract
- The aim of this article is to assess Friedman's claim, put forward in his 1949 article on the Marshallian demand curve, that there is a methodological divide between the Marshallian and Walrasian approaches. Friedman's argument will be critically examined and compared with the views he expressed in other articles written around the same time. My evaluation will lead to a mixed conclusion. Positively, Friedman must be hailed for having brought the Marshall−Walras divide to the forefront. In a more critical vein, I will suggest, first, that Friedman's argumentation in the 1949 paper is definitely wanting. A better account of the differences between Marshall and Walras is to be found in his 1955 review of Jaffé's translation of Walras's Élements d'économie pure. Second, I will claim that Friedman's real target in his 1949 article was imperfect competition theory à la Chamberlin and Keynesianism à la Lange, which he wrongly associated with Walrasian theory. Third, present-day proponents of the divide will be criticised for having naively echoed Friedman's argumentation instead of having tried to improve it.
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Citations
De Vroey, M. (2004). On the Right Side for the Wrong Reason : Friedman on the Marshall-Walras divide (ECON Discussion Papers 2004/26). https://hdl.handle.net/2078.5/34548