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Alfred Marshall and the General Theory of Evolutionary Economics

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  • J. Stanley Metcalfe

    (The University of Manchester, esrc Centre For Research on Innovation and Competition Curtin University of Technology, Western Australia, The University of Queensland)

Abstract
In this essay I shall try to assess anew Alfred Marshall’s writing on economic change and the theory of value from the perspective of evolutionary economics. My competing claim is that Marshall’s two great works, Principles of Economics and Industry and Trade, locate him as a major figure in a thread of evolutionary reasoning that explores the restless, dynamic nature of modern capitalism, a thread that begins with Adam Smith and leads on through Marx to Schumpeter and Hayek. To decide on the veracity of this hypothesis will take far more effort than is reflected here but my purpose is simply to begin to state a case.

Suggested Citation

  • J. Stanley Metcalfe, 2007. "Alfred Marshall and the General Theory of Evolutionary Economics," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 15(1), pages 81-110.
    • Handle: RePEc:hid:journl:v:15:y:2007:1:5:p:81-110
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    Citations

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    Cited by:

    1. Rahmeyer Fritz, 2013. "Schumpeter, Marshall, and Neo-Schumpeterian Evolutionary Economics: A Critical Stocktaking," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 233(1), pages 39-64, February.
    2. Harry Bloch & Stan Metcalfe, 2011. "Complexity in the Theory of the Developing Firm," Chapters, in: Cristiano Antonelli (ed.), Handbook on the Economic Complexity of Technological Change, chapter 3, Edward Elgar Publishing.
    3. Katarzyna Boratynska, 2016. "Corporate Bankruptcy And Survival On The Market: Lessons From Evolutionary Economics," Oeconomia Copernicana, Institute of Economic Research, vol. 7(1), pages 107-129, March.
    4. 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.
    5. J. Stanley Metcalfe, 2007. "Alfred Marshall's Mecca: Reconciling the Theories of Value and Development," The Economic Record, The Economic Society of Australia, vol. 83(s1), pages 1-22, September.
    6. Stan Metcalfe, 2009. "Technology and Economic Theory," Papers on Economics and Evolution 2009-09, Philipps University Marburg, Department of Geography.
    7. Foster, John & Metcalfe, J. Stan, 2012. "Economic emergence: An evolutionary economic perspective," Journal of Economic Behavior & Organization, Elsevier, vol. 82(2), pages 420-432.
    8. Fritz Rahmeyer, 2010. "A Neo-Darwinian Foundation of Evolutionary Economics. With an Application to the Theory of the Firm," Discussion Paper Series 309, Universitaet Augsburg, Institute for Economics.
    9. Naoki Matsuyama, 2021. "The influence of Tidology and Astronomy in Alfred Marshall’s economics: a reassessment of his economic method for the analysis of periodic and secular variations," Evolutionary and Institutional Economics Review, Springer, vol. 18(2), pages 549-567, September.

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