Query for Rosser

[Greg Nowell]

Rosser:
And there is the split between the Chicago School
libertarians like
Milton Friedman who buy garden variety Marshallian
equilibrium analysis and
the Austrian libertarians who think that such
equilibrium analysis is a
crock and a bunch of useless baloney.  And among the
Austrians there is
unremitting warfare between the Hayekians and the
harder core Misesians,
with one of the latter "Bronx cheering" one of the
former at a Mises
Institute conference two years ago.  They are
constantly telling each other
how they have to join ranks to fight off the nasty
leftists, in between
their bouts of mutual Bronx cheering.

GN:  Don't you mean Marshallian *partial* equilibrium
analysis.  I'm translating a French book on the
development of Keynesian thought.  The author is at
pains to distinguish partial equilibrium analysis (of
the dynamics of economic branches) from Walrasian
analysis of equilibrium in the economy as a whole.  So
my question is whether they Hayekians think Marshallian
partial equilibrium analysis is baloney or whether they
are criticizing Walrasian equilibrium.   -gn.
--
Gregory P. Nowell
Associate Professor
Department of Political Science, Milne 100
State University of New York
135 Western Ave.
Albany, New York 12222

Fax 518-442-5298