Equilibrium Theory and Evolutionary Economics — Alfred Marshall and Modern Economics

Alfred Marshall and Modern Economics demonstrates that it is possible to take Marshall's theoretical insights in two distinctly different directions: one is to reject evolution and go down the equilibrium path, while the second is to reject equilibrium and go down the evolutionary path. Neil Hart re-examines Marshall's legacy and relevance to modern economic analysis with the more settled conventional wisdom concerning evolutionary processes allowing advances in economic theorising which were not possible in Marshall's life time. A more theoretically coherent and relevant approach to modern economic analysis is proposed by connecting aspects of Marshall's revitalised evolutionary economics with Post-Keynesian theories, in a manner which parallels Marshall's endeavour to maintain a unity between value theory and explanations of industry organisation and economic development. This book will be essential reading for all researchers and students interested in the history of economic thought.

Neil Hart is a senior lecturer in economics at the University of Western Sydney, Australia. He has published extensively in the areas of the History of Economic Thought, Economic Methodology, Post Keynesian Economics and Macroeconomic Policy. His previous publications include Equilibrium and Evolution: Marshall and the Marshallians, published by Palgrave Macmillan in 2011.