Alfred Marshall
Alfred Marshall: A Pioneering Economist of the 20th Century
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Full Name and Common Aliases
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Alfred Marshall was born on November 26, 1842, in London, England. He is commonly known as Alfred, but also referred to as A.C. Pigou's predecessor in the field of economics.
Birth and Death Dates
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November 26, 1842 – July 13, 1924
Nationality and Profession(s)
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Marshall was a British economist and philosopher who held various positions throughout his career. He served as a lecturer at St John's College in Cambridge (1877-1885), the first professor of economics at the University of Bristol (1885-1889), and eventually returned to Cambridge as the professor of political economy (1889-1924).
Early Life and Background
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Alfred Marshall was born into a middle-class family. His father, William Marshall, was an engineer who later became a schoolmaster. Alfred's mother, Rebecca Whitehead Marshall, came from a family of modest means but had a strong educational background. From an early age, Alfred showed aptitude in mathematics and science. He attended Bristol Grammar School before enrolling at Merchant Taylors' School in London. However, due to his poor health, he was unable to attend university until 1862, when he entered St John's College in Cambridge.
Major Accomplishments
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Marshall's work laid the foundation for modern microeconomics and welfare economics. His Principles of Economics (1890) is considered a seminal text that introduced new methods and concepts to the field of economics. The book's focus on supply and demand curves, marginal analysis, and consumer choice helped shape the discipline for generations to come.
Notable Works or Actions
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Marshall was also a pioneer in the field of welfare economics. His work explored how governments could improve social welfare through policy interventions. He advocated for state intervention in markets to address issues such as poverty, inequality, and environmental degradation.
One notable aspect of Marshall's approach is his emphasis on the importance of social welfare in economic decision-making. This was a radical departure from the dominant laissez-faire ideology of the time. His work had a lasting impact on the development of economics as a discipline, influencing thinkers such as John Maynard Keynes and Amartya Sen.
Impact and Legacy
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Marshall's influence extends far beyond his academic contributions. He played a key role in shaping economic policy in Britain during World War I. His advocacy for state intervention and social welfare influenced the development of modern welfare states.
The Alfred Marshall Building at Cambridge University, now known as Keynes Building, is a testament to his enduring legacy. The building serves as a hub for economics research and teaching, further solidifying Marshall's impact on the field.
Why They Are Widely Quoted or Remembered
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Alfred Marshall's work continues to be widely read and quoted due to its relevance to contemporary economic issues. His emphasis on social welfare, government intervention, and environmental sustainability resonates with modern audiences grappling with global challenges such as climate change, inequality, and economic instability.
Marshall's legacy serves as a reminder of the importance of interdisciplinary approaches in addressing complex societal problems. As we navigate the complexities of the 21st century, his ideas remain an essential foundation for understanding the intricate relationships between economics, politics, and society.
Quotes by Alfred Marshall
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.
The laws of economics are to be compared with the laws of the tides, rather than with the simple and exact law of gravitation. For the actions of men are so various and uncertain, that the best statement of tendencies, which we can make in a science of human conduct, must needs be inexact and faulty.
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.
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.
Nature’s action is complex: and nothing is gained in the long run by pretending that it is simple, and trying to describe it in a series of elementary propositions.
Producer’s Surplus is a convenient name for the genus of which the rent of land is the leading species.
Economics has as its purpose firstly to acquire knowledge for its own sake, and secondly to throw light on practical issues. But though we are bound, before entering on any study, to consider carefully what are its uses, we should not plan out our work with direct reference to them.
The modern developments of economic science in relation to rent indicate progress. For we are learning that what is commonly called the rent of land is really a very complex thing made up of many elements, some of which differ more widely from one another than it, as a whole, differs from profits, or than some elements of it differ from wages.
