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What Marshall Didn't Know: On the Twentieth Century's Contributions to Economics

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  • W. Baumol

Abstract

Some of this century's many valuable contributions to economics, like macroeconomics, econometrics, and game theory, are widely recognized. However, arguably equally important is the enhanced role of empirical study permitted by more abundant data and improved methods. Also insufficiently recognized are the increased rigor and use of applied economics in public finance, regulation, corporation finance, etc., employing abstract theory and sophisticated data analysis. The striking contrast with earlier intuitively based applied economics and empirical study is illustrated. Comparison with Marshall's Principles also indicates that, except for macroeconomics, remarkably little space in today's texts deals with some ofthe rich contributions ofthis century.
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Suggested Citation

  • W. Baumol, 2001. "What Marshall Didn't Know: On the Twentieth Century's Contributions to Economics," Voprosy Ekonomiki, NP Voprosy Ekonomiki, vol. 2.
    • Handle: RePEc:nos:voprec:2001-02-0729
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    1. Rajib Roy & Fatima Akhtar & Niladri Das, 2017. "Entrepreneurial intention among science & technology students in India: extending the theory of planned behavior," International Entrepreneurship and Management Journal, Springer, vol. 13(4), pages 1013-1041, December.
    2. Erling Røed Larsen, 2002. "The Political Economy of Global Warming. From Data to Decisions," Discussion Papers 322, Statistics Norway, Research Department.
    3. Lindsey, Robin & Santos, Georgina, 2020. "Addressing transportation and environmental externalities with economics: Are policy makers listening?," Research in Transportation Economics, Elsevier, vol. 82(C).
    4. Zoya Mladenova, 2005. "XX Century and the Evolution of the Economic Theory (Neoclassical Theory: Development of Microeconomics)," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 3-23.
    5. Rajib Roy & Fatima Akhtar & Niladri Das, 0. "Entrepreneurial intention among science & technology students in India: extending the theory of planned behavior," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-29.
    6. Csaba, László, 2008. "Módszertan és relevancia a közgazdaságtanban. A mai közgazdaságtan és a társtudományok [Methodology and relevancy in economics. Today s economics and associated sciences]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 285-307.
    7. Mo, Pak Hung, 2011. "Entrepreneurs, Sticky Competition and the Schumpeterian Cobb-Douglas Production Function," MPRA Paper 28927, University Library of Munich, Germany.
    8. Argentino Pessoa, 2004. "Institutional innovations, growth performance and policy," ERSA conference papers ersa04p157, European Regional Science Association.
    9. Zoya Mladenova, 2006. "The Evolution of Economic Theory during the Twentieth Century," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 49-71.
    10. Bruno Frey, 2006. "How Influential is Economics?," De Economist, Springer, vol. 154(2), pages 295-311, June.
    11. Hugo Reis & Antonio Rua, 2009. "An Input-Output Analysis: Linkages versus Leakages," International Economic Journal, Taylor & Francis Journals, vol. 23(4), pages 527-544.
    12. Halkos, George & Tzeremes, Nickolaos, 2011. "The effect of national culture on countries’ innovation efficiency," MPRA Paper 30100, University Library of Munich, Germany.
    13. Tom van Veen, 2020. "Have Macroeconomic Models Lost Their Connection with Economic Reality?," CESifo Working Paper Series 8256, CESifo.
    14. V. V. Biryukov, 2022. "Paradigmatic features of the alternative strategies development for institutional economicsstudies," Russian Journal of Social Sciences and Humanities, Omsk Humanitarian Academy, vol. 16(4), pages 188-196, December.
    15. Dogaru, Vasile, 2005. "Some observations regarding the demythification of the comparative advantage’s principle within Manoilescu generalized scheme," MPRA Paper 6918, University Library of Munich, Germany.
    16. Argentino Pessoa, 2005. "Reforma Económica e Convergência," Notas Económicas, Faculty of Economics, University of Coimbra, issue 21, pages 35-56, June.
    17. Alan B. Krueger, 2001. "An Interview with William J. Baumol," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 211-231, Summer.
    18. Milan Zafirovski, 2022. "Some dilemmas of economic democracy: Indicators and empirical analysis," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 43(1), pages 252-302, February.
    19. Henry Manne, 2014. "Resurrecting the ghostly entrepreneur," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(3), pages 249-258, September.
    20. Cassata, Francesco & Marchionatti, Roberto, 2011. "A transdisciplinary perspective on economic complexity. Marshall's problem revisited," Journal of Economic Behavior & Organization, Elsevier, vol. 80(1), pages 122-136.
    21. Eduardo Pol & Steve Cook, 2015. "A theorem on the methodology of positive economics," Cogent Economics & Finance, Taylor & Francis Journals, vol. 3(1), pages 1054142-105, December.

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