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Marshall and complexity: a necessary balance between process and order

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  • Katia Caldari

Abstract

According to Alfred Marshall, economics is a complex science, which deals with a very compound matter. The concept of equilibrium is very widely referred to in his writings, not only as a tool to be used in the analytical apparatus, as is usually stressed, but also and more important as an element that characterises the evolutionary framework of his analysis. In the Marshallian investigation of economic and social matters, the term ‘equilibrium’ indicates an indispensable degree of order, whereas ‘evolution’ denotes a vital continuous process that characterises every economic and social body. The particular relation between equilibrium and evolution which characterises Marshall’s approach allows us to better understand the balanced interplay between order and process, two categories that, in Marshall, pervade every aspect of society considered as a highly complex body.

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  • Katia Caldari, 2015. "Marshall and complexity: a necessary balance between process and order," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 39(4), pages 1071-1085.
    • Handle: RePEc:oup:cambje:v:39:y:2015:i:4:p:1071-1085.
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    File URL: http://hdl.handle.net/10.1093/cje/bev032
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    Cited by:

    1. Sheila Dow, 2020. "Alfred Marshall, Evolutionary Economics and Climate Change: Raffaelli Lecture," Department Discussion Papers 2001, Department of Economics, University of Victoria.
    2. Richard Arena & Katia Caldari, 2019. "Léon Walras and Alfred Marshall: Microeconomic Rational Choice or Human and Social Nature?," GREDEG Working Papers 2019-33, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    3. Vicente Moreno-Casas, 2024. "What can complexity learn from Misesian economics?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 37(3), pages 267-291, September.
    4. Richard Arena & Katia Caldari, 2019. "Léon Walras and Alfred Marshall : microeconomic rational choice or human and social nature?," Working Papers halshs-02400844, HAL.

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