RE: Marshallian varient of classical economics

[COLANDER@xxxxxxxxxxxxxx]

Concerning a Marshallian version of general equilibrium.  In Note 21 (I think)
of Principles Marshall spells out the essense of the general equilibrium
problem and in a letter to Clake he stated that he would be spending the
rest of his life developing the ideas in this note.  I believe
he fully understood the ideas of Walrasian General Equilibrium--considered
them too simple and was trying to formulate a far more complicated
model of g.e. that incorporated institutions and the limitations they
impose on individual decision makers.  Because he was a better mathematician
than Walras, he saw the problems with applying a simple system of equations
to describe an enormously complex reality.