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A Marshall-Walras Divide? A Critical Review of the Prevailing Viewpoints

Correspondence: Correspondence may be addressed to Michel De Vroey at michel.devroey{at}uclouvain.be. Financial support from the Belgian French-Speaking Community (Grant ARC 03/08–302, "New Macro economic Perspectives on Development") and from the Belgian Federal Government (Grant PAI P5/21, "Equilibrium Theory and Optimisation for Public Policy and Industry Regulation") is gratefully acknowledged. I would like to thank Andrez Alvares, Robert Dimand, and an anonymous referee for their comments on an earlier version of this paper.

The aim of this essay is to examine economists' views about the relationship between Marshallian and Walrasian theory. Are they complementary, as is usually believed, or do they constitute alternative research programs? I compare two viewpoints on this matter, the conciliatory and the antagonistic. After describing these, I present my own standpoint: I believe that there is a Marshall–Walras divide, but I have serious objections to the way in which the argument for this divide is usually made. In the last part of the paper, I examine the view held by several authors that an embryonic general equilibrium model is to be found in Marshall's Principles.

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