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Encyclopedia > Alfred Marshall
Alfred Marshall
Alfred Marshall

Alfred Marshall (July 26, 1842July 13, 1924), born in Bermondsey, London, England, became one of the most influential economists of his time. His book, Principles of Economics (1890), brings the ideas of supply and demand, of marginal utility and of the costs of production into a coherent whole. It became the dominant economic textbook in England for a long period. Photograph of economist Alfred Marshall in the public domain. ... Photograph of economist Alfred Marshall in the public domain. ... is the 207th day of the year (208th in leap years) in the Gregorian calendar. ... 1842 was a common year starting on Saturday (see link for calendar). ... is the 194th day of the year (195th in leap years) in the Gregorian calendar. ... For the rap album, see 1924 (album). ... , Bermondsey is an area of south London in the London Borough of Southwark. ... This article is about the capital of England and the United Kingdom. ... For other uses, see England (disambiguation). ... Economists are scholars conducting research in the field of economics. ... Principles of Economics was a leading political economy or economics textbook of Alfred Marshall (1842-1924), first published in 1890. ... Year 1890 (MDCCCXC) was a common year starting on Wednesday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Monday of the Julian calendar). ... The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... “Marginal revolution” redirects here. ... Economics is the social science studying production and consumption through measurable variables. ...

Contents

Biography

Marshall grew up in the London suburb of Clapham and was educated at the Merchant Taylor's School, Northwood and St John's College, Cambridge, where he demonstrated an aptitude in mathematics, achieving the rank of Second Wrangler in the Cambridge Mathematical Tripos. Although he wanted early on, at the behest of his father, to become a clergyman, his success at Cambridge University led him to take an academic career. He became a professor in 1868 specializing in political economy. He desired to improve the mathematical rigor of economics and transform it into a more scientific profession. In the 1870s he wrote a small number of tracts on international trade and the problems of protectionism. In 1879, many of these works were compiled together into a work entitled The Pure Theory of Foreign Trade: The Pure Theory of Domestic Values. In the same year (1879) he published The Economics of Industry with his wife Mary Paley Marshall. Clapham is a neighbourhood in the London Borough of Wandsworth, South London. ... Merchant Taylors School is a British public school, located in Northwood in the London Borough of Hillingdon. ... College name The College of Saint John the Evangelist of the University of Cambridge Motto Souvent me Souvient (Latin: I often remember) Named after The Hospital of Saint John the Evangelist Established 1511 Location St. ... For other uses, see Wrangler. ... Results for parts II and III of the Mathematical Tripos are read out inside Senate House, University of Cambridge and then tossed from the balcony. ... The University of Cambridge (often Cambridge University), located in Cambridge, England, is the second-oldest university in the English-speaking world and has a reputation as one of the worlds most prestigious universities. ... Year 1868 (MDCCCLXVIII) was a leap year starting on Wednesday (link will display the full calendar) of the Gregorian Calendar (or a leap year starting on Monday of the 12-day slower Julian calendar). ... The Politics series Politics Portal This box:      Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. ... // The invention of the telephone (1876) by Alexander Graham Bell. ... Year 1879 (MDCCCLXXIX) was a common year starting on Wednesday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Monday of the 12-day slower Julian calendar). ... Mary Paley Marshall (1850–1944) was one of the first woman to graduate from Cambridge University. ...


While Marshall took economics to a more mathematically rigorous level, he did not want mathematics to overshadow economics and thus make economics irrelevant to the layman. Accordingly, Marshall tailored the text of his books to laymen and put the mathematical content in the footnotes and appendices for the professionals. In a letter to his protégée, A.C. Pigou, he laid out the following system: "(1) Use mathematics as shorthand language, rather than as an engine of inquiry. (2) Keep to them till you have done. (3) Translate into English. (4) Then illustrate by examples that are important in real life (5) Burn the mathematics. (6) If you can’t succeed in 4, burn 3. This I do often." [1] For other meanings of mathematics or uses of math and maths, see Mathematics (disambiguation) and Math (disambiguation). ... Arthur Cecil Pigou (November 18, 1877 _ March 7, 1959) was an English economist, known for his work in many fields and particularly in welfare economics. ...


Marshall had been Mary Paley's professor of political economy at Cambridge and the two were married in 1877, forcing Marshall to leave his position at Cambridge in order to comply with celibacy rules at the university. He became a principal at University College, Bristol, again lecturing on political economy. He perfected his Economics of Industry and published it more widely in England as an economic curriculum; its simple form stood upon sophisticated theoretical foundations. Marshall achieved a measure of fame from this work, and upon the death of William Jevons in 1881, Marshall became the leading British economist of the scientific school of his time. 1877 (MDCCCLXXVII) was a common year starting on Monday (see link for calendar). ... The University of Bristol was founded in 1876 as the University College, Bristol. ... William Stanley Jevons (September 1, 1835 - August 13, 1882), English economist and logician, was born in Liverpool. ... Year 1881 (MDCCCLXXXI) was a common year starting on Saturday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Thursday of the 12-day slower Julian calendar). ...


Marshall returned to Cambridge to take the seat as Professor of Political Economy in 1884 on the death of Henry Fawcett. At Cambridge he endeavored to create a new tripos for economics, which he would only achieve in 1903. Until that time, economics was taught under the Historical and Moral Sciences Triposes which failed to provide Marshall the kind of energetic and specialized students he desired. The Professorship of Political Economy is a professorship at the University_of_Cambridge, founded in 1828. ... 1881 Cartoon from Punch: PROFESSOR FAWCETT, M.P and P.M.G., A Politician of a certain stamp, and President of the Republic of Letters at St. ... The University of Cambridge, England, divides the different kinds of honours bachelors degree by Tripos, a word which has an obscure etymology, but which may be traced to the three-legged stool candidates once used to sit on when taking oral examinations. ...


Marshall began his seminal work, the Principles of Economics, in 1881, and he spent much of the next decade at work on the treatise. His plan for the work gradually extended to a two-volume compilation on the whole of economic thought; the first volume was published in 1890 to worldwide acclaim that established him as one of the leading economists of his time. The second volume, which was to address foreign trade, money, trade fluctuations, taxation, and collectivism, was never published at all.


Over the next two decades he worked to complete his second volume of the Principles, but his unyielding attention to detail and ambition for completeness prevented him from mastering the work's breadth. The work was never finished and many other, lesser works he had begun work on - a memorandum on trade policy for the Chancellor of the Exchequer in the 1890s, for instance - were left incomplete for the same reasons. The Chancellor of the Exchequer is the title held by the British Cabinet minister responsible for all economic and financial matters. ... The 1890s were sometimes referred to as the Mauve Decade, because William Henry Perkins aniline dye allowed the widespread use of that colour in fashion, and also as the Gay Nineties, under the then-current usage of the word gay which referred simply to merriment and frivolity, with no...


His health problems had gradually grown worse since the 1880s, and in 1908 he retired from the university. He hoped to continue work on his Principles but his health continued to deteriorate and the project had continued to grow with each further investigation. The outbreak of the First World War in 1914 prompted him to revise his examinations of the international economy and in 1919 he published Industry and Trade at the age of 77. This work was a more empirical treatise than the largely theoretical Principles, and for that reason it failed to attract as much acclaim from theoretical economists. In 1923, he published Money, Credit, and Commerce, a broad amalgam of previous economic ideas, published and unpublished, stretching back a half-century. “The Great War ” redirects here. ...


From 1890 to 1924 he was the respected father of the economic profession and to most economists for the half-century after his death, the venerable grandfather. He had shied away from controversy during his life in a way that previous leaders of the profession had not, although his even-handedness drew great respect and even reverence from fellow economists, and his home at Balliol Croft had no shortage of distinguished guests. His students at Cambridge became leading figures in economics, including John Maynard Keynes and Arthur Cecil Pigou. His most important legacy was creating a respected, academic, scientifically-founded profession for economists in the future that set the tone of the field for the remainder of the twentieth century. Keynes redirects here. ... Arthur Cecil Pigou (November 18, 1877 – March 7, 1959) was an English economist, known for his work in many fields and particularly in welfare economics. ...


Marshall died at his home, Balliol Croft, in Cambridge, England on July 13 1924 at the age of 81. He is buried in the Ascension Parish Burial Ground in Cambridge. The library of the Department of Economics at Cambridge as well as the University of Bristol Economics department are named for him. The chapel of the Ascension Parish Burial Ground, Cambridge The Ascension Parish Burial Ground is a cemetery located on Huntingdon Road in the north-west of Cambridge, England. ...


Theoretical contributions

Marshall is considered to be one of the most influential economists of his time, largely shaping mainstream economic thought for the next fifty years. Although his economics was advertised as extensions and refinements of the work of Adam Smith, David Ricardo, Thomas Robert Malthus and John Stuart Mill, he extended economics away from its classical focus on the market economy and instead popularized it as a study of human behavior. He downplayed the contributions of certain other economists to his work, such as Leon Walras, Vilfredo Pareto and Jules Dupuit, and only grudgingly acknowledged the influence of William Jevons himself. For other persons named Adam Smith, see Adam Smith (disambiguation). ... David Ricardo (18 April 1772–11 September 1823), a political economist, is often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. ... The Rev. ... John Stuart Mill (20 May 1806 – 8 May 1873), British philosopher, political economist, civil servant and Member of Parliament, was an influential liberal thinker of the 19th century. ... Marie-Ésprit-Léon Walras (December 16, 1834 in Évreux, France - January 5, 1910 in Clarens, near Montreux, Switzerland) was a French economist, considered by Joseph Schumpeter as the greatest of all economists. He was a mathematical economist associated with the creation of the general equilibrium theory. ... Vilfredo Pareto Vilfredo Federico Damaso Pareto [vilfre:do pare:to] (July 15, 1848, Paris – August 19, 1923, Geneva) was a French-Italian sociologist, economist and philosopher. ... Jules Dupuit (18 May 1804 - 5 September 1866) was a French civil engineer and economist. ... William Stanley Jevons (September 1, 1835 - August 13, 1882), English economist and logician, was born in Liverpool. ...


Marshall's influence on codifying economic thought is difficult to deny. He popularized the use of supply and demand functions as tools of price determination (previously discovered independently by Cournot); modern economists owe the linkage between price shifts and curve shifts to Marshall. Marshall was an important part of the "marginalist revolution;" the idea that consumers attempt to adjust consumption until marginal utility equals the price was another of his contributions. The price elasticity of demand was presented by Marshall as an extension of these ideas. Economic welfare, divided into producer surplus and consumer surplus, was contributed by Marshall, and indeed, the two are sometimes described eponymously as 'Marshallian surplus.' He used this idea of surplus to rigorously analyze the effect of taxes and price shifts on market welfare. Marshall also identified quasi-rents. The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... Antoine Augustin Cournot (28 August 1801‑ 31 March 1877) was a French philosopher and mathematician. ... In economics, marginalism is the belief that economic value is set by the consumers marginal utility. ... “Marginal revolution” redirects here. ... In economics and business studies, the price elasticity of demand (PED) is an elasticity that measures the nature and degree of the relationship between changes in quantity demanded of a good and changes in its price. ... This page deals with the various forms of economic surplus, including producer, consumer, government, and social/total surplus. ... Supply curve shift Consumer surplus or Consumers surplus (or in the plural Consumers surplus) is the economic gain accruing to a consumer (or consumers) when they engage in trade. ... Marshallian surplus, in economics, is the idea that economic welfare is divided into producer surplus and consumer surplus. ... Quasi-rent is an economics term that describes earnings of capital, which is fixed in supply in the short run. ...


References

  • Peter Groenewegen; Classics and Moderns in Economics: Essays on Nineteenth and Twentieth Century Economic Thought. Volume: 1. Routledge. 2003. ch 12-16
  • Peter Groenewegen. A Soaring Eagle: Alfred Marshall, 1842-1924 (1995)
  • McGregor, D. H. "Marshall and his Book", Economica, n.s., 9, (1942) pp 313-24.
  • T. Raffaelli, G. Becattini, and M. Dardi (eds.) The Elgar Companion to Alfred Marshall, Cheltenham: Edward Elgar. (2006)
  • J. K. Whitaker (ed.) Centenary Essays on Alfred Marshall, Cambridge University Press. (1990)

Notes

  1. ^ 5. Buchholz, Todd G. 1989. New Ideas from Dead Economists. New York: Penguin Group, 1989. p. 151

Todd G. Buchholz served as director of economic policy under President Bush. ... First published in 1989 and later revised for another release in 1999 New Ideas from Dead Economists, written by Todd G. Buchholz, is an introduction to modern economic thought using its history and development. ...

See also

Marshall Jevons is the name of a ficticious writer invented by William Breit and Kenneth G. Elzinga, professors of economics at Trinity University and the University of Virginia, respectively. ... For other uses, see Alias. ...

External links

  • Biography of Alfred Marshall in the Concise Encyclopedia of Economics
  • Principles of Economics, by Alfred Marshall, at the Library of Economics and Liberty
  • A collection of Marshall's published works
  • Principles of economics by Alfred Marshall, at the Marxists
This article is a list connected to the template History of economic thought. ... Ancient economic thought refers to economics ideas from people before the middle ages. ... Islamic economics in practice. ... Scholasticism comes from the Latin word scholasticus, which means that [which] belongs to the school, and is the school of philosophy taught by the academics (or schoolmen) of medieval universities circa 1100–1500. ... A painting of a French seaport from 1638, at the height of mercantilism. ... Merchant capitalism is a term used by economic historians to refer to the earliest phase in the development of capitalism as an economy and social system. ... The Physiocrats were a group of economists who believed that the wealth of nations was derived solely from agriculture. ... Classical economics is widely regarded as the first modern school of economic thought. ... The English historical school of economics, although not nearly as famous as its German counterpart, sought a return of inductive methods in economics, following the triumph of the deductive approach of David Ricardo in the early 19th century. ... The Historical school of economics was a mainly German school of economic thought which held that a study of history was the key source of knowledge about human actions and economic matters, since economics would be culture-specific and not generalizable over space and time. ... Socialist economics is a broad, and sometimes controversial, term. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... --Duk 06:58, 18 August 2005 (UTC) Categories: Possible copyright violations ... Institutional economics focuses on understanding the role of human-made institutions in shaping economic behavior. ... The Stockholm School, or Stockholmsskolan, is a school of economic thought. ... Keynesian economics (pronounced kainzian, IPA ), also called Keynesianism, or Keynesian Theory, is an economic theory based on the ideas of the 20th-century British economist John Maynard Keynes. ... The Chicago school of economics is a school of thought favoring free-market economics practiced at and disseminated from the University of Chicago in the middle of the 20th century. ... Gandhian economics is a school of economic thought based on the socio-economic principles expounded by Indian leader Mahatma Gandhi. ... This is a sub-article of fiqh and Law and economics. ... Microfinance is a term for the practice of providing financial services, such as microcredit, microsavings or microinsurance to poor people. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... It has been suggested that Economic schools of thought be merged into this article or section. ...

  Results from FactBites:
 
Reference.com/Encyclopedia/Alfred Marshall (1320 words)
Marshall grew up in the London suburb of Clapham and was educated at the Merchant Taylor's School, Northwood and St John's College, Cambridge, where he demonstrated an aptitude in mathematics, achieving the rank of Second Wrangler in the Cambridge Mathematical Tripos.
Marshall had been Mary Paley's professor of political economy at Cambridge and the two were married in 1877, forcing Marshall to leave his position at Cambridge in order to comply with celibacy rules at the university.
Marshall achieved a measure of fame from this work, and upon the death of William Jevons in 1881, Marshall became the leading British economist of the scientific school of his time.
Alfred Marshall, Biography: The Concise Encyclopedia of Economics: Library of Economics and Liberty (713 words)
Alfred Marshall was the dominant figure in British economics (itself dominant in world economics) from about 1890 until his death in 1924.
Marshall also introduced the concept of producer surplus, the amount the producer is actually paid minus the amount that he would willingly accept.
Marshall himself was born into a middle-class family in London and raised to enter the clergy.
  More results at FactBites »

 
 

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