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.
|Qualification||Doctor of Philosophy|
|Award date||25 Jul 2022|
|Publication status||Unpublished - 2022|