Marshall, Keynes, and Macroeconomics

by Ekkehart Schlicht

Quaderni di storia dell'economia politica,   1992, 10(1), 511-529.

Abstract

The essay relates the Keynesian macro-concepts of aggregate demand and aggregate supply to the Marshallian concepts of market demand and market supply. The fundamental similarity between the Keynesian and the Marshallian views of the aggregation problem is emphasised.

More specifically it is argued that Keynes has been concerned with the inverse aggregation problem.  The Keynesian view of aggregation is interpreted as  an application of Marshall's moving equilibrium method.

Keywords: aggregation, inverse aggregation, macro-economics, aggregate demand, aggregate supply, Keynes, Marshall, moving equilibrium

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