Alfred Marshall

Alfred Marshall
Alfred Marshall
  • Name: Alfred Marshall
  • Date of birth: July 26, 1842
  • Date of death: July 13, 1924
  • Nationality: British
  • Occupation: Economist
  • Known for: Developing the neoclassical school of economics, writing the textbook Principles of Economics, and founding the Cambridge Economics Department

Alfred Marshall was born in London, England, in 1842. He studied mathematics and philosophy at Cambridge University and then went on to study economics at the University of Göttingen in Germany. After returning to England, Marshall taught economics at Oxford University and Cambridge University. In 1890, he published his textbook Principles of Economics, which became one of the most influential economics textbooks ever written. Marshall’s work helped to establish the neoclassical school of economics, which emphasizes the role of markets and prices in allocating resources. He also founded the Cambridge Economics Department, which is one of the leading economics departments in the world. Marshall died in 1924.

Marshall’s most important contributions

  • The neoclassical school of economics

    Marshall was one of the founders of the neoclassical school of economics, which emphasizes the role of markets and prices in allocating resources. Neoclassical economics is based on the idea that individuals are rational actors who make choices to maximize their utility.

  • The concept of marginal utility

    Marshall developed the concept of marginal utility, which measures the additional benefit that a consumer receives from consuming one more unit of a good or service. Marginal utility is used to explain why demand curves slope downward.

  • The theory of the firm

    Marshall developed the theory of the firm, which explains how firms make decisions about production, pricing, and input use. The theory of the firm is based on the idea that firms are profit-maximizing entities.

  • The concept of the economy as a whole

    Marshall was one of the first economists to develop a comprehensive theory of the economy as a whole. His work helped to explain how different parts of the economy interact with each other.

Marshall’s work has had a profound impact on the field of economics. His ideas are still widely taught and used by economists today.

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