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Marshall, Alfred
Marshall, Alfred, 1842–1924, English economist. At Cambridge, where he taught from 1885 to 1908, he exerted great influence on the development of economic thought of the time; one of his students was John Maynard KeynesKeynes, John Maynard, Baron Keynes of Tilton
, 1883–1946, English economist and monetary expert, studied at Eton and Cambridge. Early Career and Critique of Versailles
..... Click the link for more information. . He systematized the classical economic theories and made new analyses in the same manner, thus laying the foundation of the neoclassical school of economics. He was concerned with theories of costs, value, and distribution and developed a concept of marginal utility. His Principles of Economics (1890) was for years the standard work and is still widely read. Among his other works are Industry and Trade (1919) and Money, Credit, and Commerce (1923). Bibliography See A. C. Pigou, ed., Memorials of Alfred Marshall (1925, repr. 1966). What I Remember (1947), by M. P. Marshall, his wife, has some biographical material on him. See studies by H. J. Davenport (1935, repr. 1965) and C. Kerr (1969). Marshall, Alfred Born July 26, 1842, in London; died July 13, 1924, in Cambridge. English economist, professor of political economy at Cambridge University (1885-1908). Marshall founded the Cambridge School of vulgar political economy. He considered himself a successor of D. Ricardo and interpreted his teachings in a subjective and psychological spirit. Marshall eclectically combined already established vulgar theories of the costs of production, demand and supply, productivity, and abstention with the theories of marginal utility and marginal productivity that had become widespread in the late 19th century. Marshall tried to extend the teachings of C. Darwin to the field of social relations. Under the influence of H. Spencer, he viewed evolution as the only form of social development and propagated the false idea of the smooth development of the capitalist economy. In his research Marshall used mathematical and graphic methods of analysis. Marshall’s views had a great influence on the development of bourgeois economic thought and are important in modern bourgeois economic science. WORKSThe Pure Theory of Foreign Trade and the Pure Theory of Domestic Values. London, 1879.
The Economics of Industry. London, 1889.
Principles of Economics. London, 1890.
Elements of Economics. London, 1892.
Industry and Trade. London, 1919.
Money, Credit and Commerce. London, 1923.Marshall, Alfred
Marshall, Alfred (1842–1924) an English economist who depicted precise mathematical relationships between economic variables in his textbook Principles of Economics (1890). Using calculus, Marshall was able to show how value is partly determined by the MARGINAL UTILITY of a good and how the intensity of wants decreases with each unit acquired. Thus, Marshall was able to explain the PARADOX OF VALUE, showing how luxuries like diamonds have a higher price than essentials like water because consumers have few diamonds while water is generally plentiful. This analysis enabled Marshall to explain downward-sloping DEMAND CURVES and CONSUMER SURPLUS (the surplus satisfaction derived by a consumer whenever he can buy a good at a lower price than that which he would be prepared to pay rather than go without the good). Marshall also developed the concept of ELASTICITY OF DEMAND. Marshall argued that the forces of both demand and supply determine value, with demand determining price and output in the short run and changes in resource inputs and production costs influencing price in the long run. He suggested that supply prices would depend upon production costs and in analysing short-run production cost showed how the marginal product of all resources tends to diminish as variable factor inputs are combined with fixed amounts of other resources (DIMINISHING RETURNS to the variable factor input). In the long run, Marshall suggested that industries would experience reducing costs and prices because of ECONOMIES OF SCALE resulting from greater specialization. See REPRESENTATIVE FIRM.
Marshall, Alfred
Marshall, Alfred (1842–1924) an English economist who depicted precise mathematical relationships between economic variables in his textbook Principles of Economics (1890). Using calculus, Marshall was able to show how value is partly determined by the MARGINAL UTILITY of a good and how the intensity of wants decreases with each unit acquired. Thus, Marshall was able to explain the PARADOX OF VALUE, showing how luxuries like diamonds have a higher price than essentials like water because consumers have few diamonds while water is generally plentiful. This analysis enabled Marshall to explain downward-sloping DEMAND CURVES and CONSUMER SURPLUS (the surplus satisfaction derived by a consumer whenever he can buy a good at a lower price than that which he would be prepared to pay rather than go without the good). Marshall also developed the concept of ELASTICITY OF DEMAND. Marshall argued that the forces of both demand and supply determine value, with demand determining price and output in the short run and changes in resource inputs and production costs influencing price in the long run. He suggested that supply prices would depend upon production costs and in analysing short-run production cost showed how the marginal product of all resources tends to diminish as variable factor inputs are combined with fixed amounts of other resources (DIMINISHING RETURNS to the variable factor input). In the long run, Marshall suggested that industries would experience reducing costs and prices because of ECONOMIES OF SCALE resulting from greater specialization. See REPRESENTATIVE FIRM. |