Marshall’s Approach to Decisions and Behaviors of Economic Units in His Value Theory
Abstract
In Marshall’ s book the Principles of Economics Value "problematic was discussed as in general economic approach instead of the decisions and behaviors of the units. There is not a quest to find a general price level which provides an equilibrium in all markets like Walrasian general equilibrium in Marshall’s theory’s background. Especially Marshall's representative firm approach that selection of the firm to represent all the economy rather than random shows that he is interested in the economy as a whole from the micro bases. In this study, we aimed to show that Marshallian value theory can be summarized as “Marshall’s value theory is not an approach which propose economic decisions and behaviors of consumers, firms and factor owner units one by one”.
Keywords
Kaynakça
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