Skip Navigation

This Article
Right arrow Full Text (PDF)
Right arrow Alert me when this article is cited
Right arrow Alert me if a correction is posted
Services
Right arrow Email this article to a friend
Right arrow Alert me to new issues of the journal
Right arrow Add to My Personal Archive
Right arrow Download to citation manager
Right arrowRequest Permissions
Google Scholar
Right arrow Articles by Hart, N.
Right arrow Search for Related Content
Related Collections
Right arrow B13 - Neoclassical through 1925
Right arrow B31 - Individuals
Right arrow D46 - Value Theory
Social Bookmarking
Add to CiteULike   Add to Connotea   Add to Del.icio.us  
What's this?

Copyright © Cambridge Political Economy Society

research-article

Marshall's theory of value: the role of external economies

Neil Hart*

*University of Western Sydney Macarthur

Abstract

The view that Marshall relied upon the assumption of ‘external economies’ in his attempt to reconcile the existence of ‘competition’ and decreasing long-run average costs continues to attract many supporters. However, it is argued here that in Marshall's writings, external economies were to play only a very minor role in the reconciliation exercise. Subsequent writers' emphasis on the role of external economies is shown to reflect a lack of understanding of the object of Marshall's (as opposed to the ‘Marshallians’') reconciliation problem.

Manuscript received January 31, 1994; final version received August 16, 1994.


Add to CiteULike CiteULike   Add to Connotea Connotea   Add to Del.icio.us Del.icio.us    What's this?


This article has been cited by other articles:


Home page
 Cambridge J EconHome page
N. B. Niman
The evolutionary firm and Cournot's Dilemma
Camb. J. Econ., March 1, 2004; 28(2): 273 - 289.
[Abstract] [Full Text] [PDF]


Disclaimer:
Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues. All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies. If you require any further clarification, please contact our Customer Services Department.