Alfred Marshall

Alfred Marshal
                                                                    Alfred Marshal

 

Alfred Marshall was Britain’s famous economist in the period 1890 to 1924. The contributor of the supply and demand curve concepts, he was one of the most influential economist of his era. His famous book Principles of Economics was path breaking work which dominated the stage for a long period of time. It is still one of the books equally popular among students as well as teachers.

He was born in Clapham,England on 26th July 1842 . He was very good at mathematics and physics in his early study days. However a mental crisis led him to abandon physics and mathematics and take up philosophy. Philosophy led him to ethics and ethics to economics. What was a loss for the scientific world became a boon for the economic world. Marshall was a thorough realist. His ethical views continued to dominate his research in Economics. He brought the scientific perspective to economics and changed it forever. The contribution of Marshall made economics more of a practical subject than the earlier theoretical one.

The most revolutionary work of Marshall was Principle of Economics which he started in 1881 and took 9 long years to complete it. But the wait was worth it. The new formulation of supply and demand,elasticity and various other key concepts paved the way for a new branch of economics – Microeconomics. This book established his reputation all over the world. Most of the ideas in his book were original and brought about change in the field. The more practical economics could now solve daily problems related to demand , supply and production. The world owes this to this famous economist.

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