and Shionoya

The relationship between the economy and wider social structures and the extent to which these could be studied independently were important issues for both Marshall and Schumpeter. Marshall had clear views on the issue. As noted in the chapters by Arena, Hodgson, and Nishizawa, for Marshall, economics was concerned with the study of mankind in the ordinary business of life. Marshall warned against the separation of the study of economics from other social phenomena although he remained skeptical about the extent to which a comprehensive social science was possible.