Chap1MicroF11

Chap1MicroF11 - ALFRED MARSHALL (1842-1924) from the...

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ALFRED MARSHALL (1842-1924) from the Concise Encylopedia of Economics Alfred Marshall was the dominant figure in British economics (itself dominant in world economics) from about 1890 until his death in 1924. His specialty was MICROECONOMICS —the study of individual markets and industries, as opposed to the study of the whole economy. In his most important book, Principles of Economics , Marshall emphasized that the price and output of a good are determined by both SUPPLY and demand: the two curves are like scissor blades that intersect at equilibrium. Modern economists trying to understand why the price of a good changes still start by looking for factors that may have shifted demand or supply, an approach they owe to Marshall. http://www.econlib.org/library/Enc/bios/Marshall.html for more on Marshall see…. http://www.economyprofessor.com/theorists/alfredmarshall.php
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MARSHALL’S CONTRIBUTIONS Supply and Demand Price Elasticity of Demand Consumer Surplus Impact of taxation on society The Short-Run and Long-Run Optimization Marshall also taught John Maynard Keynes. If you have taken macroeconomics you have been exposed to the work of Keynes.
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THE MARSHALLIAN METHOD Step One: Math can be used, but only as a “shorthand language.” Step Two: Any math should be translated into words. Step Three: A theory should be illustrated by examples that are “important in real life.” Step Four: With words and real world illustrations in hand, you can now “ burn the mathematics.
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Chap1MicroF11 - ALFRED MARSHALL (1842-1924) from the...

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