Alfred Marshall was one of the most influential economist during the 19th and 20th century, He is

500 Words Apr 23rd, 2019 2 Pages
Alfred Marshall was one of the most influential economist during the 19th and 20th century,

He is the one that came with the idea of Supply and Demand, marginal utility and costs of production

Alfred Marshall was born in July 26 1842, in Clapham England. His father was a bank cashier in Clapham.

Marshall grew up in Clapham, he went to school at the Merchant Taylor’s School and graduated from St John’s

College where he showed a great interest in mathematics, such as algebra and physics. During his time at school

a mental crisis forced to switch from physics to philosophy. Alfred Marshall started with Metaphysic , which led

him to ethic and then led him to Economics. Alfred Marshall believed that Economics was really essential in
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In the same year he also published “The Economics of

Industry”. In this book he talked how he didn’t want mathematics to overshadow economics, he came up with

a different system, where he says to use mathematics shorthand language, rather than as a engine of inquiry, keep

to them until you have done, translate in English and Then illustrate by examples that are important in real life.

The economics of industry marked Alfred Marshall as a rising star in the economic world, he made his debut

in the public eye as the leader of Great Britain new scientific school of economics. Marshall was still anxious to

continued with his writing. In 1881, Alfred Marshall began with his new economic work called “The Principles of

economics”. He spent the following years at work on his new article. “The Principles of economics “extended into

two volumes based on his whole economic thought. The first volume published around 1890 put him as the best

economist of his time. The second volume addressed foreign trade, money, trade fluctuations, taxation and

collectivism but was never published. His books was published in every English-speaking countries. Marshall

main contribution was analyzing the issues of elasticity, consumer surplus, increasing and diminishing returns,

his thoughts on short and long terms and marginal utility were all original ideas from Alfred Marshall, and
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