1



Alfred Marshall

  • English economist
  • Born July 26, 1842
  • Died July 13, 1924

Alfred Marshall, FBA (26 July 1842 – 13 July 1924) was one of the most influential economists of his time. His book, Principles of Economics (1890), was the dominant economic textbook in England for many years. It brings the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. He is known as one of the founders of neoclassical economics. Although 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.


But if inventions have increased man's power over nature very much, then the real value of money is better measured for some purposes in labour than in commodities.




Again, most of the chief distinctions marked by economic terms are differences not of kind but of degree.




All wealth consists of desirable things; that is, things which satisfy human wants directly or indirectly: but not all desirable things are reckoned as wealth.




All labour is directed towards producing some effect.




Capital is that part of wealth which is devoted to obtaining further wealth.




The price of every thing rises and falls from time to time and place to place; and with every such change the purchasing power of money changes so far as that thing goes.




The hope that poverty and ignorance may gradually be extinguished, derives indeed much support from the steady progress of the working classes during the nineteenth century.




Slavery was regarded by Aristotle as an ordinance of nature, and so probably was it by the slaves themselves in olden time.




Individual and national rights to wealth rest on the basis of civil and international law, or at least of custom that has the force of law.




Material goods consist of useful material things, and of all rights to hold, or use, or derive benefits from material things, or to receive them at a future time.




Consumption may be regarded as negative production.




In the absence of any short term in common use to represent all desirable things, or things that satisfy human wants, we may use the term Goods for that purpose.




In every age poets and social reformers have tried to stimulate the people of their own time to a nobler life by enchanting stories of the virtues of the heroes of old.




Producer's Surplus is a convenient name for the genus of which the rent of land is the leading species.




In common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context.




Civilized countries generally adopt gold or silver or both as money.




And very often the influence exerted on a person's character by the amount of his income is hardly less, if it is less, than that exerted by the way in which it is earned.




It is common to distinguish necessaries, comforts, and luxuries; the first class including all things required to meet wants which must be satisfied, while the latter consist of things that meet wants of a less urgent character.



1