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Perfect information a la Walras versus perfect information a la Marshall

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  • Michel De Vroey

Abstract

In this paper I ponder upon the meaning of the perfect information assumption, and argue that a distinction should be drawn between the Walrasian and Marshallian conceptions of perfect information. I show that the Marshallian conception is more demanding than the Walrasian, due to the absence of the auctioneer figure. Next, I examine a few modern imperfect information models (Friedman's expectations-augmented Phillips Curve model, Lucas' neutrality of money model, Shapiro and Stiglitz' efficiency wage model) in order to assess whether the perfect information conception they depart from is the Walrasian or the Marshallian. The finding is that the first and the third are Marshallian while the second is Walrasian. Finally, I reflect on how models of general equilibrium with imperfect competition fare with respect to the Marshall-Walras divide.

Suggested Citation

  • Michel De Vroey, 2003. "Perfect information a la Walras versus perfect information a la Marshall," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(4), pages 465-492.
    • Handle: RePEc:taf:jecmet:v:10:y:2003:i:4:p:465-492
    DOI: 10.1080/1350178032000130466
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    Citations

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    Cited by:

    1. Michel De Vroey, 2004. "The History of Macroeconomics Viewed against the Background of the Marshall-Walras Divide," History of Political Economy, Duke University Press, vol. 36(5), pages 57-91, Supplemen.
    2. Ron Wallace, 2017. "The Signature of Risk: Agent-based Models, Boolean Networks and Economic Vulnerability," Economic Thought, World Economics Association, vol. 6(1), pages 1-15, March.
    3. Michel De Vroey, 2007. "Did The Market‐Clearing Postulate Pre‐Exist New Classical Economics? The Case Of Marshallian Theory," Manchester School, University of Manchester, vol. 75(3), pages 328-348, June.
    4. Michel, DE VROEY, 2004. "On the Right Side for the Wrong Reason : Friedman on the Marshall-Walras divide," LIDAM Discussion Papers IRES 2004015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    5. Michel, DE VROEY, 2007. "Marshallian and Walrasian Theory, Complementary or Alternative Approaches ? The Views in Presence," Discussion Papers (ECON - Département des Sciences Economiques) 2007002, Université catholique de Louvain, Département des Sciences Economiques.
    6. Michel De Vroey, 2006. "The temporary equilibrium method: Hicks against Hicks," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(2), pages 259-278.
    7. Michel De Vroey, 2004. "Théorie du déséquilibre et chômage involontaire. Un examen critique," Revue économique, Presses de Sciences-Po, vol. 55(4), pages 647-668.
    8. Michel De Vroey, 2005. "Marshall versus Walras on Equilibrium and Time," Discussion Papers (ECON - Département des Sciences Economiques) 2005047, Université catholique de Louvain, Département des Sciences Economiques.
    9. Alan Kirman, 2016. "Complexity and Economic Policy: A Paradigm Shift or a Change in Perspective? A Review Essay on David Colander and Roland Kupers's Complexity and the Art of Public Policy," Journal of Economic Literature, American Economic Association, vol. 54(2), pages 534-572, June.
    10. Michael McLure, 2009. "Pareto and Pigou on Ophelimity, Utility and Welfare: Implications for Public Finance," Economics Discussion / Working Papers 09-13, The University of Western Australia, Department of Economics.

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