Who is Alfred Marshall
Alfred Marshall Biography
Alfred Marshall was a British economist who is considered one of the most influential economists of the late 19th and early 20th centuries. Born in 1842, Marshall is known for his pioneering work in microeconomics, particularly his analysis of supply and demand and his development of the concept of marginal utility. His most famous work, "Principles of Economics", was published in 1890 and is still considered a classic in the field of economics. Marshall's contributions to the development of economic theory have had a lasting impact on the field, and his ideas continue to be studied and debated by economists today.
Alfred Marshall Facts
- Alfred Marshall was a British economist who lived from 1842 to 1924. He is considered one of the most influential economists of the late 19th and early 20th centuries, known for his work in the field of microeconomics and the development of the concept of supply and demand.
- Marshall was born in London and grew up in a family of modest means. He showed a great aptitude for mathematics and went on to study at St. John's College, Cambridge, where he was greatly influenced by the economist and philosopher Henry Sidgwick.
- Marshall's most famous work is his book "Principles of Economics," which was first published in 1890. This book is still widely read and studied today, and is considered a foundational text in the field of economics.
- In "Principles of Economics," Marshall introduced the concept of elasticity of demand, which measures the responsiveness of demand to changes in price. He also developed the idea of the "consumer surplus," which is the difference between what a consumer is willing to pay for a product and what they actually pay.
- Marshall was also known for his work on the theory of the firm. He developed the concept of "short-run" and "long-run" costs, and argued that firms will continue to produce as long as they can cover their variable costs.
- Marshall's work had a major impact on the development of neoclassical economics, which became the dominant school of economic thought in the early 20th century.
- Marshall was a respected teacher, and many of his students went on to become important economists in their own right. Among his most famous students were John Maynard Keynes and Arthur Pigou.
- Marshall was a prolific writer and wrote on a wide range of topics, including international trade, money and banking, and the history of economic thought.
- Marshall was also a social reformer and believed that economics had an important role to play in improving society. He advocated for government intervention in the economy to address social and economic problems, and was a proponent of progressive taxation.
- Marshall's contributions to the field of economics have been widely recognized. In 1890, he was elected as a fellow of the Royal Society, and in 1924, he was awarded the Order of Merit by King George V. Today, he is remembered as one of the most important economists of the modern era.
Alfred Marshall Quotes
"In common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context." (Meaning)
* The editor of this short biography made every effort to maintain information accuracy, including any quotes, facts, or key life events.
Chief Editor
Tal Gur is an author, founder, and impact-driven entrepreneur at heart. After trading his daily grind for a life of his own daring design, he spent a decade pursuing 100 major life goals around the globe. His journey and most recent book, The Art of Fully Living, has led him to found Elevate Society.
