Marshall and the Marshallian Heritage

1. Front Matter

   Pages i-xxiii

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2. Revisiting Marshall’s Economics

   1. Front Matter

      Pages 1-1

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   2. Alfred Marshall in the Lower Valdarno

      • Marco Dardi

      Pages 3-37

   3. The Organisation of Knowledge and Knowledge as Organisation

      • Brian J. Loasby

      Pages 39-60

   4. Raffaelli on Historical Progress in Smith and in Marshall

      • Cosimo Perrotta

      Pages 61-77

   5. Marshall’s External Economies: Economic Evolution and Patterns of Development

      • Neil Hart

      Pages 79-100

   6. Economic, Ethical and Political Aspects of Wellbeing: Some Marshallian Insights from His Book on Progress

      • Katia Caldari, Tamotsu Nishizawa

      Pages 101-120

   7. Jevons and Marshall as Humboldtian Scientists

      • Harro Maas

      Pages 121-147

   8. Utilitarianism, the Moral Sciences and Political Economy: Mill-Grote-Sidgwick

      • Keith Tribe

      Pages 149-184

3. Marshall’s Influence Through the 20th Century

   1. Front Matter

      Pages 185-185

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   2. Destabilizing Speculation on Organized Markets: Early Perspectives in the Spirit of Marshall

      • Paolo Paesani, Annalisa Rosselli

      Pages 187-206

   3. Industrial Leadership, Market Power and Long-Term Performance: Marshall’s and Keynes’s Appreciation of American Trusts

      • Carlo Cristiano, Maria Cristina Marcuzzo

      Pages 207-230

   4. Between LSE and Cambridge: Accounting for Ronald Coase’s Fascination with Alfred Marshall

      • Steven G. Medema

      Pages 231-268

   5. “A Great Economist” and “A Careful Empiricist”: Paul Samuelson’s Attitude Towards Alfred Marshall

      • Roger E. Backhouse

      Pages 269-281

4. Back Matter

   Pages 283-286

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Tiziano Raffaelli (Pisa 1950) was a widely esteemed scholar in the field of the history and methodology of economics, who died suddenly in January 2016 while still in the midst of working and of developing projects for new lines of research. He was a philosopher of science by formation and a historian of economic ideas by professional choice, with interests covering a vast area, ranging from the 18th to the 20th century and from Europe to the US. Where he left an indelible mark, however, was in his interpretation of Alfred Marshall’s economic theory and its reverberations through Keynes on the one hand, and the Cambridge school of industrial economics on the other. Raffaelli’s research in this field offered a completely new view of the core and meaning of Marshall’s work and of its relevance for 21st century social scientists. In the process, it stimulated a new and fruitful research program in Marshallian economics.

This volume consists of two parts. The first is devoted to illustrating the above-mentioned changes in the understanding of Marshallian economics and Raffaelli’s role in bringing them about. The second part offers a collection of essays documenting some more recent developments in fields related to Marshall and his influence, including welfare economics and industrial organization, Marshall’s legacy in Cambridge economics, the Chicago school, and beyond. The contributors to this volume range from leading senior scholars in the field to exceptional young scholars, and their contributions illustrates a myriad of ways in which the “new view” of Marshall inspired by Raffaelli’s work influences our understanding of the history of economics from the late 19th century onward. This book will be of international interest to scholars working in the history of economic thought, and will also appeal to philosophers of science, methodologists, intellectual historians, and those who specialize in industrial organisation. 

• Alfred Marshall
• Tiziano Rafaelli
• Cambridge economics
• Cambridge school of industrial economics
• Marshallian economics
• Welfare economics
• Economics of knowledge
• Economic method
• Organization of industry
• Evolution in economics
• Progress in economics

• Dipartimento di Scienze Economiche e Aziendali, Università di Padova, Padua, Italy

  Katia Caldari

• Dipartimento di Scienze per l’Economia e l’Impresa, Università di Firenze, Florence, Italy

  Marco Dardi

• Department of Economics, Duke University, Durham, USA

  Steven G. Medema

Katia Caldari is Associate Professor of Economics at the University of Padova, Italy. Her main research interests and publications focus on some topics of economic theory (equilibrium, expectations, distribution, planning); history of economic thought (particularly Alfred Marshall and François Perroux) and industrial economics (industrial districts). 


Marco Dardi is Emeritus Professor of Economics at the University of Florence, Italy. His research interests and publications in journals and edited volumes have covered various fields over the years, ranging from topics in economic theory (labour economics, consumer and decision theory, uncertainty and games, industrial organization) to the history of economic theory. 


Steven G. Medema is Research Professor of Economics and Associate Director of the Center for the History of Political Economy at Duke University, USA. Dr. Medema’s research focuses on theevolution of economics during twentieth century, with particular attention to economists’ views of the economic role of government and the expansion of the boundaries of economics to encompass other social science disciplines. 

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