What is a marshall

Marshall

Alfred, 1842–1924, engl. Political economist who, after studying at Cambridge, taught in Bristol, Oxford and from 1885 until his resignation in 1908 in Cambridge. Marshall, along with Smith and Keynes, is one of the economists who have exerted the greatest influence in the history of the subject. He is the founder and head of the Cambridge School, which combines the classical with modern economic theory. His most famous students are Pigou, his successor at Cambridge, and Keynes. Marshals Main work "Principles of Economics" (1890), on which he worked for two decades and which was supposed to be only the first volume of a five-volume complete presentation, was published in eight editions during his lifetime. For many years it was the bible of economists in the English speaking world. It contains a number of concepts - such as the all other things being equal, "representative firm", consumer surplus, and elasticity - that have become theoretical common property. Marshall was a brilliant mathematician, far superior to his contemporaries Jevons, Walras, and Barons. Nevertheless, he avoided mathematical derivations in the text and banned them in appendices, whereas he made extensive use of the graphical representation for illustration. Marshall was an original thinker of a high degree, which is sometimes misunderstood by the late and hesitant publications of his elaborations. Thus, independently of Jevons, he discovered the marginal principle and expanded classical teaching to include the concepts of marginal utility and marginal costs (neoclassical). In foreign trade theory, he developed a geometric analysis to determine the equilibrium and the requirements for current account improvements in the event of a devaluation (Marshall-Lerner condition). Intellectually, Marshall felt obliged to the classic triumvirate of Smith, Ricardo and Mill, as well as Cournot and Thünen. Of the contemporaries he admired Clark, while he showed little interest in the works of Jevons, Menger, Walras and Pareto. Marshall was an excellent expert on the history of dogma and contemporary, especially socialist, literature.

Other works: "The Early Economic Writings of Alfred Marshall, 1867-1890" (1977), edited by Whitaker, as well as "Industry and Trade" (1919) and "Money, Credit and Commerce" (1923).