Home > Alfred Marshall
2 Theoretical contributions
Marshall's economics were an extension of the work of John Stuart Mill, Adam Smith, and David Ricardo. He downplayed the contributions of certain other economists to his work, such as Vilfredo Pareto and Jules Dupuit, and only grudgingly acknowledged the influence of William Jevons himself.
Marshall's influence on codifying economic thought is difficult to deny. He was the first to rigorously attach price determination to supply and demand functions; modern economists owe the linkage between price shifts and curve shifts to Marshall. Marshall was an important part of the " marginalist revolution ;" the idea that consumers attempt to equal prices to their marginal utility was another contribution of his. The price elasticity of demand was presented by Marshall as an extension of these ideas. Economic welfare, divided into producer surplus and consumer surplus, was contributed by Marshall, and indeed, the two are sometimes described eponymously as 'Marshallian surplus.' He used this idea of surplus to rigorously analyze the effect of taxes and price shifts on market welfare.
3 External links
Marshall, Alfred
Marshall, Alfred
Marshall, Alfred
