Alfred Marshall : The Father Of Standard Microeconomics

1087 Words Jun 25th, 2015 5 Pages
Alfred Marshall: The Father of Standard Microeconomics
Today, in our society, everything is handled with small green papers that are called “dollars”, and people give ridiculous amounts of value to this meager resource. Money can get someone a gargantuan mansion, a lustrous limousine, and many other commodities others can only dream about. In a sense, a person can buy their life and everything within it. Without money, a person cannot have access to basic facilities or live a comfortable life, and society looks down on them, recognizing them as “money-wasters” or “homeless people”. However, if it weren’t for one person, the world of economics would be very different from what it is now. This man wrote various books that helped people in the past see what economics is about and how to deal with it and saw the world of money very differently from what people see today. He also created the curve that illustrated two terms that he created: consumer surplus and producer surplus. He is Alfred Marshall, one of the most influential economists ever.
According to Robert Palasik, Alfred Marshall was one of the most prominent economists of the Marginal Revolution, where economists began to think about marginal utility and approached mathematics more easily (Palasik). During his lifetime, he created various tools that would aid the economy during those times and in the distant future. Some of them were his books titled Economics of Industry. These books, mainly written by Marshall’s…
Open Document