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Marshall's Theory of Value: The Role of External Economies

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  • Hart, Neil

Abstract

The view that Alfred Marshall relied upon the assumption of 'external economies' in his attempt to reconcile the existence of 'competition' and decreasing long-run average costs continues to attract many supporters. However, it is argued here that, in Marshall's writings, external economies were to play only a very minor role in the reconciliation exercise. Subsequent writers' emphasis on the role of external economies is shown to reflect a lack of understanding of the object of Marshall's (as opposed to the 'Marshallians') reconciliation problem. (c) 1996 Academic Press Limited Copyright 1996 by Oxford University Press.

Suggested Citation

  • Hart, Neil, 1996. "Marshall's Theory of Value: The Role of External Economies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(3), pages 353-369, May.
    • Handle: RePEc:oup:cambje:v:20:y:1996:i:3:p:353-69
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    Cited by:

    1. Luca Zamparelli, 2009. "Average cost and marginal cost pricing in Marshall: Textual analysis and interpretation," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 16(4), pages 665-694.
    2. Joan-Severo Chumbita, 2020. "Alfred Marshall, autor del siglo XX: desempleo involuntario, monopolio, amortización acelerada, competencia por nuevos productos e intervención estatal orientada a alcanzar el producto máximo," Ensayos de Economía 19130, Universidad Nacional de Colombia Sede Medellín.
    3. Evagelia Koutridi & Dimitrios Tsiotas & Olga Christopoulou, 2023. "Examining the Spatial Effect of “Smartness” on the Relationship between Agriculture and Regional Development: The Case of Greece," Land, MDPI, vol. 12(3), pages 1-22, February.

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