The Theory of Speculation in the Marshallian Tradition: Marshall, Pigou, Lavington, and Keynes on the Microeconomics of Speculation

Riko Stevens

doi:10.26182/zwzv-jj51

The Theory of Speculation in the Marshallian Tradition: Marshall, Pigou, Lavington, and Keynes on the Microeconomics of Speculation

Riko Stevens

Research output: Thesis › Doctoral Thesis

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Abstract

This study examines the microeconomic analysis of speculation in the writings of Cambridge economists Alfred Marshall (1842-1924), Arthur Cecil Pigou (1877-1959), Frederick Lavington (1881-1927), and John Maynard Keynes (1883-1946). It identifies that these Marshallian thinkers considered the welfare consequences of speculation to depend crucially upon the nature of the institutional context within which that activity occurs. This finding provides a more faithful representation of the views of individual thinkers within the Marshallian tradition, allows us to identify some of their more fruitful insights on the subject, and contributes to the evolving understanding of the Marshallian tradition of economic thought.

Original language	English
Qualification	Doctor of Philosophy
Awarding Institution	The University of Western Australia
Supervisors/Advisors	McLure, Michael, Supervisor Li, Bei, Supervisor
Thesis sponsors	Australian Government Research Training Program
Award date	25 Jul 2022
DOIs	https://doi.org/10.26182/zwzv-jj51
Publication status	Unpublished - 2022

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10.26182/zwzv-jj51

THESIS - DOCTOR OF PHILOSOPHY - STEVENS, Riko Xian Antonio - 2022
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HETSA Prize for Best Doctoral Thesis 2022
Stevens, Riko (Recipient), Sept 2022
Prize

1 Article

The Theory of Speculation in the Marshallian Tradition: Marshall, Pigou, Lavington, and Keynes on the Microeconomics of Speculation
Stevens, R., 9 Oct 2023, In: History of Economics Review. 86, 1, p. 65-70 6 p.
Research output: Contribution to journal › Article

Cite this

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title = "The Theory of Speculation in the Marshallian Tradition: Marshall, Pigou, Lavington, and Keynes on the Microeconomics of Speculation",

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AB - This study examines the microeconomic analysis of speculation in the writings of Cambridge economists Alfred Marshall (1842-1924), Arthur Cecil Pigou (1877-1959), Frederick Lavington (1881-1927), and John Maynard Keynes (1883-1946). It identifies that these Marshallian thinkers considered the welfare consequences of speculation to depend crucially upon the nature of the institutional context within which that activity occurs. This finding provides a more faithful representation of the views of individual thinkers within the Marshallian tradition, allows us to identify some of their more fruitful insights on the subject, and contributes to the evolving understanding of the Marshallian tradition of economic thought.

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The Theory of Speculation in the Marshallian Tradition: Marshall, Pigou, Lavington, and Keynes on the Microeconomics of Speculation

Abstract

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Prizes

HETSA Prize for Best Doctoral Thesis 2022

Research output

The Theory of Speculation in the Marshallian Tradition: Marshall, Pigou, Lavington, and Keynes on the Microeconomics of Speculation

Cite this