INVISIBLE-HAND EXPLANATIONS AND NEOCLASSICAL ECONOMICS - TOWARD A POST MARGINALIST ECONOMICS

The tools of neoclassical economics and modern subjectivism may be combined to form invisible-hand explanations. The paper integrates five strands of economic arguments: general equilibrium, partial equilibrium, the subjectivism of figures such as Friedrich A. Hayek, Fritz Machlup, and Alfred Schutz, Kirzner's theory of entrepreneurship, and invisible-hand explanations. When integrated in the way outlined in the paper, these models and arguments are complements, not substitutes. The integration I discuss could be called Post Marginalist Economics because it employs tools handed down to us from the pioneers of marginalism, especially Marshall, Menger, and Walras.