Alfred Marshall Gina Simmonds Economics Berkhout
Alfred Marshall
Gina SimmondsEconomicsBerkhout
Alfred Marshall• Born in 1842 in
Clapham, England• Demonstrated
mathematical skills from an early age
• Attended Cambridge University
• Became a professor in 1868
• Married in 1877• First work
published in 1879• Publishes
Principles of Economics in 1881
Alfred Marshall, cont.
Alfred Marshall, cont.
• Health problems worsened through the 1880’s onward
• WWI prompted publishing of Industry and Trade Principles, 1919
• Died July 13th, 1924
Published Works• The Pure Theory of
Foreign Trade: The Pure Theory of Domestic Values
• Principles of Economics
• Economics of Industry• Industry and Trade
Principles• Money, Credit, and
Commerce
Principles of Economics
•"Knowledge is our most powerful engine of production."
•Supply and Demand
Marshall’sConcepts
Surplus Concept
•Consumer Surplus
Surplus Concept
•Producer Surplus
The Three Periods
•Market Period
•Short Period
•Long Period
Influence & Legacy• “Scissors
blades” theory• The “father and
grandfather” of economics
• Price Elasticity of Demand
• Profession of Economist
Bibliography• Henderson, David R. Biography of Alfred Marshall. 2002.
The Library of Economics and Liberty. http://www.econlib.org/library/Enc/bios/Marshall.html
• Hoffman, William. The Knowledge Economy Comes Knocking. 1 February, 1999. The Doric Column. http://mbbnet.umn.edu/doric/economy.html
• Bized.co.uk. Consumer and Producer Surplus: Measures of Welfare. 2007. http://www.bized.co.uk/virtual/dc/trade/theory/th16.htm
• Wikipedia.com. Alfred Marshall. 11 January, 2007. http://en.wikipedia.org/wiki/Alfred_Marshall