Alfred Marshall, Economist

Economics is the study of man in the ordinary ancestry of lifeAlfred MarshallAlfred Marshall became genius of the most important economists of his time . His make , linguistic rules of Political Economy (1890 ) brought to carryher the theories of cater and demand , of b atomic number 18(a) utility and of the costs of production into a coherent substantial . It became the dominant economic textbook in England for a bulky period . Born in London , and educated at St John s College , Cambridge , Marshall took the mathematics tripos . By 1868 he was college lecturer in moral sciences at St John s College with particular right for teaching political economy . In 1885 he became prof at Cambridge University , retiring in 1908 . Marshall was regarded as one of the founders of the neoclassical school in economics and the most influential figure in the bare(a)ist tradition of British economics . He dominated economics at Cambridge University almost to his death with umpteen disciples , including A . C . Pigou , the young J . M . Keynes , and D . H . Robertson . His major contributions related to the economics of the stationary declare , welfare economics , and partial equilibrium analysis although claims could be made on his behalf for much that became part of economics textbooks oer generations , including innovations relating to utility theory , economies of scale , and supply curvesMarshall saw economics as concerned with those aspects of human behavior open to pecuniary influences and sufficiently regular and ubiquitous to permit statements of broad orbital cavity and some persistence . While chief(prenominal)taining that some heeded moral imperatives efficacy be impervious to pecuniary considerations , he conceded that most behaviors correct within the ambit of the measuring rod of money . On the other hand , he emphasized that motivation was not merely a matter of pursuing pecuniary self interest even broadly conceived to include interests of family and friends .

He emphasise the human desire for social approbation or eminence , and the pleasures of skilful activityMarshall developed a number of economic theories that main of which are the followingDemand TheoryMarshall s treatment of the theory of demand is sketchy , concentrating on the demand for a single good , or commodity group , against a loosely defined background . cardinal of the outcomes of his Demand Theory is that demand price and consumer surplus are proportional to the bare(a) utility and the utility benefit , individually , the proportionality mover being the reciprocal of the individual s marginal utility of money . This result is fundamental for Marshall s welfare analysis . The now-familiar concept of demand elasticity - proportional cadence modification divided by proportional price change -was first defined by MarshallProduction and Long-Period Competitive SupplyIn deriving the long-period supply curve of a commodity , Marshall envisages production as organized by firms , typically family businesses Each firm strives to downplay its production costs , substituting one productive factor or production method for another according to the Principle of Substitution . In its simpler forms this involves marginalist adjustment to bring relative marginal value products into line with relative marginal costs . moreover more generally , the Principle of Substitution is akin...If you want to get a full essay, order it on our website: Orderessay

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