Partial Equilibrium Analysis
The forces to be dealt with are however so numerous, that it is best to take a few at a time: and to work out a number of partial solutions.… Thus we begin by isolating the primary relations of supply, demand and price in regards to a particular commodity. We reduce to inaction all other forces by the phrase “other things being equal”: we do not suppose that they are inert, but for the time being we ignore their activity.… In the second stage more forces are released from the hypothetical slumber that had been imposed on them. (Marshall 1922, pp. xiv–xv)
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- Marshall, Alfred. 1922. Principles of Economics: An Introductory Analysis. 8th ed. London: Macmillan.Google Scholar