Come back Marshall, all is forgiven? : Complexity, evolution, mathematics and Marshallian exceptionalism

Marshall was the great synthesiser of neoclassical economics. Yet with his qualified assumption of self-interest, his emphasis on variation in economic evolution and his cautious attitude to the use of mathematics, Marshall differs fundamentally from other leading neoclassical contemporaries. Metaphors inspire more specific analogies and ontological assumptions, and Marshall used the guiding metaphor of Spencerian evolution. But unfortunately, the further development of a Marshallian evolutionary approach was undermined in part by theoretical problems within Spencer's theory. Yet some things can be salvaged from the Marshallian evolutionary vision. They may even be placed in a more viable Darwinian framework.Peer reviewedFinal Accepted Versio

Consonant Random Sets: Structure and Properties

Abstract. In this paper, we investigate consonant random sets from the point of view of lattice theory. We introduce a new definition of consonancy and study its relationship with possibility measures as upper probabilities. This allows us to improve a number of results from the literature. Finally, we study the suitability of consonant random sets as models of the imprecise observation of random variables

Decision order and time in human affairs.

OPLADEN-RUG0

Kalecki's ceteris paribus Dynamics

Kalecki's macrodynamic models should be regarded as a form of ceteris paribus dynamics which follow through the logical consequences of given behavioural relationships taken in isolation from unrelated events. His models are not mechanistic but rather attempts to isolate the systematic forces within the economy. If we accept this, two important conclusions can be drawn from his models. First, we can see that it is not possible to stabilise the economy at any given level. Fluctuations are an inherent feature of the market economy. Secondly, the trend or centre of gravitation level of activity is determined by the level of exogenous expenditures such as the stable portion of capitalists' consumption, net exports and net government spending Artificially stimulating investment does not affect it. Only two behavioural postulates are required for these outcomes. Both may be justified given the context of market uncertainty.