Brief Outline of Topics Covered in Lecture 16:
- Neoclassical Welfare Economics - Edgeworth Ch. 14
- The Neoclassical School ‑ Marshall and Clark Ch. 11
- The Neoclassical School ‑ Walras (pgs. 265-283) [if we get this far]
In particular:
- von Wieser (class notes)
- Clark (pgs. 302-310)
- Edgeworth (pgs. 375-381)
- Marshall (pgs. 287-302)
- Walras (pgs. 264-283)
Menger
John Bates Clark
Francis Ysidro Edgeworth
Alfred Marshall
Additional Reading
Alfred Marshall: ...While Marshall took economics to a more mathematically rigorous level, he did not want mathematics to overshadow economics and thus make economics irrelevant to the layman. Accordingly, Marshall tailored the text of his books to laymen and put the mathematical content in the footnotes and appendices for the professionals. In a letter to A. L. Bowley, he laid out the following system:
(1) Use mathematics as shorthand language, rather than as an engine of inquiry.
(2) Keep to them till you have done.
(3) Translate into English.
(4) Then illustrate by examples that are important in real life
(5) Burn the mathematics.
(6) If you can’t succeed in 4, burn 3. This I do often."[3]
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