Principles of Economics

ISBN-10: 1573921408
ISBN-13: 9781573921404
Edition: Abridged 
Authors: Alfred Marshall
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Book details

List price: $16.99
Publisher: Prometheus Books, Publishers
Publication date: 5/1/1997
Binding: Paperback
Pages: 319
Size: 5.25" wide x 8.75" long x 1.00" tall
Weight: 0.880
Language: English

Alfred Marshall, an English economist, is widely regarded as the founder of the neoclassical school of economics. This school of thought, which followed the classical economists (Smith, Ricardo, and Mill, among others), gave a more balanced role to supply and demand as determinants of price, took more of an interest in the role of money, and greatly extended the role of marginal analysis. Marshall was born near London. His father, a clerk at the Bank of England, wanted his son to become a clergyman, but young Alfred was more interested in mathematics. After graduating from St. John's College at Cambridge, he lectured there for several years. When he married one of his former students in 1877, he had to leave Cambridge because of the celibacy requirements in force at the time. Marshall taught at University College, Bristol, and then at Oxford University, before returning to Cambridge in 1884 (the celibacy requirement having been lifted). Marshall did not publish extensively, but one book was outstanding. His "Principles of Economics," the first of a planned two-volume work, appeared in 1890. An instant success, it established Marshall as one of the world's leading economists. Its strength lay in its comprehensiveness and the degree to which it incorporated previous developments, along with Marshall's own observations, in a seamless fashion. The book was full of now familiar terms, such as consumer surplus, long- and short-run analysis, and external economies. The second volume, intended to cover the topics of foreign trade, money, trade fluctuations, and taxation, was never published because of Marshall's failing health and his penchant for exhaustive revision. He did, however, publish a less comprehensive volume, "Industry and Trade" (1919). A final volume, "Money, Credit and Commerce" (1923), was less ambitious and less creative. Despite his frail health, which troubled him throughout his career, Marshall lived to the ripe old age of 81. His stature was such that he is credited with founding a "Cambridge School of Economics," and his few publications forever changed the world of economics.

Preface to the First Edition
Preface to the Eighth Edition
The Substance of Economics
Economic Generalizations or Laws
The Order and Aims of Economic Studies
Wealth
Production. Consumption. Labour. Necessaries
Income. Capital
Wants in Relation to Activities
Gradations of Consumers' Demand
The Elasticity of Wants
Choices between Different Uses of the Same Thing. Immediate and Deferred Uses
Value and Utility
Introductory, On Markets
Temporary Equilibrium of Demand and Supply
Equilibrium of Normal Demand and Supply
The Investment and Distribution of Resources
Equilibrium of Normal Demand and Supply, Continued. with Reference to Long and Short Periods
Joint and Composite Demand. Joint and Composite Demand. Joint and Composite Supply
Prime and Total Cost in Relation to Joint Products. Cost of Marketing. Insurance against Risk. Cost of Reproduction
Marginal Costs in Relation to Values. General Principles
Marginal Costs in Relation to Values. General Principles, Continued
Marginal Costs in Relation to Agricultural Values
Marginal Costs in Relation to Urban Values
Equilibrium of Normal Demand and Supply, Continued, with Reference to the Law of Increasing Return
Theory of Changes of Normal Demand and Supply, in Relation to the Doctrine of Maximum Satisfaction
The Theory of Monopolies
Summary of the General Theory of Equilibrium of Demand and Supply

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