Walras and Marshall both start from a dynamic view of equilibrium’ as a stationary state of an adjustment process, but they get to distinct static characterisations of equilibrium states. Equilibrium is conceived by the former as entailing compatibility of actions, by the latter as expressing fulfilment of expectations. This difference in concepts is linked to the contrast in the approaches of time : Walras treats processes, production in particular, as if they were instantaneous, whereas Marshall relies upon a family of nested periods of non-negligible duration. It is also stressed that Marshallian expectational equilibrium is really a rational expectations equilibrium, in the sense that Marshallian agents correctly use available exogenous information in order to form price expectations. This is particularly clear in the analysis of the working oi markets, where information, in contrast to Walras’ view, is assumed to be decentralized, but efficiently used by professional intermediaries.