• Table of Contents
    • Abstract
    • Keywords
    • Article
      • Biography and career
      • Marshall's views on the social setting, aims and methods of economics
      • Intellectual debts
      • Demand theory
      • Production and long-period competitive supply
      • Price determination and period analysis
      • Normal value and normal profit
      • Welfare economics
      • Interrelated markets and distribution theory
      • Monopoly and combination
      • Monetary theory
      • International trade
      • A brief survey of Marshall's writings with suggestions for further reading
    • See Also
    • Bibliography
    • How to cite this article

Marshall, Alfred (18421924)

John K. Whitaker
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
Alternate versions available: 1987 Edition
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Abstract

English economist Alfred Marshall, founder of the Cambridge School of economics, was a leading and internationally prominent figure in the development of economic thought between 1870 and 1920. He played a significant role in professionalizing British economics, always stressing the social importance of wider economic understanding. His influential ideas on economic theory were conveyed primarily in his Principles of Economics (1890). Accounts of his life, career and general views on economics are followed by a more technical treatment of his contributions to various aspects of economic analysis. Guides to his writings and to the secondary literature on him are appended.
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Keywords

Bernoulli hypothesis; Berry, A.; bimetallism; Böhm-Bawerk, E.; Bowley, A.; British classical economics; British Economic Association; Cambridge School; ceteris paribus; Chapman, S.; Clapham, J.; Clark, J.; combinations; comparative static method; conspicuous consumption; consumer surplus; cost and supply curves; cost of production; Cournot, A.; Cunynghame, H.; cyclical unemployment; deductive method; demand for money; demand price; demand theory; derived demand; differential rent; distribution theories (classical); Dupuit, J.; Edgeworth, F.; envelope theorem; equilibrium analysis; excess burden of taxation; external economies; Fay, C.; Flux, A.; Foxwell, H.; free trade; Gonner, E.; homo economicus; imperfect competition; institutions; internal economies; international trade (theory); interpersonal utility comparisons; Jenkin, H.; Jevons, W.; joint demand and supply; Keynes, J. M.; Keynes, J. N.; Lavington, F.; long-period equilibrium; long-period supply; Macgregor, D.; marginal cost pricing; marginal productivity theory; marginal utility of money; marginal utility theory; market demand elasticity; market interdependence; market value; Marshall, A.; Marshall, M. P.; Menger, C.; Methodenstreit; methodology of economics; Mill, J. S.; monetary theory; monopolistic competition; monopoly; multiple equilibria; multiplier; net product; Nicholson, J.; normal profit; normal value; offer curves; optimal taxation; Pantaleoni, M.; Pareto, V.; partial-equilibrium method; perfect competition; period analysis; Pigou, A.; poverty; Price, L.; principle of substitution; producer surplus; product differentiation; quasi-rent; Ramsey price; rent; representative firm; Ricardo, D.; Royal Economic Society; Sanger, C.; Say's Law; self-interest; short-period equilibrium; Sidgwick, H.; Smith, A.; subjective theories of value; supply and demand; tariffs; temporary equilibrium; trade unions; utilitarianism; von Thünen, J.; Walker, F.; Walras, L.; welfare economics
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Article

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How to cite this article

Whitaker, John K. "Marshall, Alfred (1842–1924) ." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 22 November 2017 <http://www.dictionaryofeconomics.com/article?id=pde2008_M000089> doi:10.1057/9780230226203.1046

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