The Legacy Of Alfred Marshall

Milton Friedman and John Keynes are two world renowned economist, with many similar and contrasting views that have helped set the foundation of our economy. Friedman 's ideology on subjects such as the Monetary Policy, Gold Standard, and the Theory of the consumption function are what made him a extremely impactful economist. Keynes has made his impact on the modern day world as well in many aspects. Both of these economists have helped pave the way to a better, more efficient economy.

His work became more prominent after his death. His philosophy was that “Humans” weren’t motivated by grand designs but were motivated by materialistic goods and greed. Which in turn lead to the separation of the classes the rich

1869. He was educated in law at University College, London. In 1891, after Gandhi was admitted to the

First and foremost, a great deal of Europe’s success would not have happened without its initial aid from the United States. After helping destroy so much of the continent, the U.S. pumped billions and billions of dollars back into the European economy through The Marshall Plan. It was named after Secretary of State George C. Marshall, who said “The world of suffering people looks to us for leadership. Their thoughts, however, are not concentrated alone on this problem. They have more immediate and terribly pressing concerns where the mouthful of food will come from, where they will find shelter tonight, and where they will find warmth. Along with the great problem of maintaining the peace we must solve the

Attended Harvard and he graduated 21st of 177. He studied in the fields of sciences, German, rhetoric, philosophy, and ancient languages. (1876-1880)

John Maynard Keynes was born in 5th of June 1883 and died at the age of 62 on the 21st of April 1946. His work in economics and his ideas fundamentally changed the practice and theory of modern macroeconomics as well as the economic policies of governments. Keynes is very well known for his exceptional work on the implications and causes of the business cycles and is also regarded as the founder of modern macroeconomics. The school of thought also known as ‘Keynesian economics’ as well as the various offshoots have his ideas as foundation.

Later, in 1909, he worked in research at Woods Hole Marine Biological Laboratory in Massachusetts. Just furthered his education by obtaining a Doctor of Philosophy degree from the University of Chicago, where he studied experimental embryology and graduated magna cum laude.

Marshall Field was born on a farm on August 18, 1834 in Conway, MA. In his earlier years he worked on his family's farm and went to a elementary school in Conway. Once Marshall Field was 16 he became an employee at a store selling goods but retail did not come easily for Field. His first boss told him and his father that he would never be fit for retail and fired Field. He came back to the farm and worked for another couple of years but then decided to get back on his feet and try to get another job.

After leaving Cambridge, Abbott taught at King Edward's School, Birmingham, and then at Clifton College. In 1865 he was appointed as

He is widely recognized for his key role in developing the field of human capital, the paradigm of rational choice is sociology and the application of economics modeling to key questions in political science.

Many of his writings contributed to the Neoclassical Marginalist Revolution in the early 1900’s. This was the great shift from classical to neoclassical economics. He was also a big advocate of the League of Nations, because of his promotion of healthy living and world peace, and this in turn helped to eventually create the United Nations. His theories, no matter how controversial, helped shape economics into what it is

Marshall, who was born in the London suburb of Clapham, was educated at Merchant’s Taylor School. He showed tremendous mathematical aptitude and participated in Cambridge University’s most revered degree competition- Mathematical Tripos, where he secured the second rank, bettered only by Lord Rayleigh. This secured a position of fellow in St. John’s University, Cambridge and along with mathematics, he got himself involved rigorously in the study of philosophical foundations and moral basis of human behaviour and social organisation. He became a lecturer of Moral Sciences at St. John’s in 1868, with a specialisation in ‘Political Economy’, as Economics was then called. He henceforth worked tirelessly in transforming the subject into a more logical and scientific one. Marshall met Mary Paley, a student in the informal lectures for women by the Cambridge University and taught her Political Economy. In 1877, they decided to get married and this forced Marshall to leave his position in Cambridge due to the celibacy rule in place. He joined as the first Principal at University College, Bristol; which later came

Milton Friedman’s ideas where thought to be radical, but he was the most authoritative figure in the economics field in the 20th century, (Placeholder2) and was known most for his thoughts on free enterprise, classical liberalism and limited government. (Placeholder3) His views shaped modern capitalism. (Placeholder2) He was against government intervention and favored free markets (Placeholder6).

developed his theory based on the Adam Smith’s theory. Keynes did not entirely disagree with

Other important classical economists include David Ricardo who introduced and developed the concepts of comparative advantage and the