Buboy/eric

intro

A prominent economist in the late 19th and early 20th centuries, Alfred Marshall was one of
the most important figures in economics. Since its 1890 publication, his book Principles of
Economics has dominated the economics and mathematics curriculum in England. In
classrooms all across the world, it is still employed today. The neoclassical school of economic
theory is credited to Marshall, who also introduced many of the concepts that are today seen
as being fundamental to the discipline. The function of scarce resources in a particular market
was of importance to neoclassical economics, as were the ways in which producers, consumers,
and agents can achieve this goal. Marshall's explanation of the connection between supply and
demand served as the foundation of neoclassical economic theory, and his ideas are still used in
a variety of economic models and theories today. Although trained as a mathematician, Alfred
Marshall saw the importance of economic concepts for everyday life and the need for them to
be accessible to the general public. Alfred Marshall aimed to make economics accessible to the
general public so that everyone could understand how they make decisions. He took great
efforts in Principles of Economics to establish his abstract views by consistently striving to
interpret economic principles through actual situations. He wanted people to comprehend the
relevance of economics to their daily routines.

Historical Background
Alfred Marshal was born in London in 1832, his parents were middle-class. He showed great
promise as a young mathematician in high school and intended to attend the university of
Cambridge in order to join the Anglican church. While he was in Cambridge, Marshall changed
his mind and graduated in mathematics. Alfred Marshall has switched his field several times,
from physics to psychology, to ethics to economics, and yet has been unclear what is the
appropriate course he will choose. Then he saw economics as a useful tool for putting ethics
into practice.
After graduating from Cambridge, he joined the faculty of political economics at the University
of Cambridge. He met his wife Mary Paley ten years later. Then after a while, he leaves his
position in Cambridge because of the policy of professors and students getting close. Later then
he took the opportunity of being the principal and professor at Bristol University College. Mary
was left to handle the majority of the class's responsibilities because Marshall's administrative
duties took up too much of his time. Mary Paley is said to have assisted Alfred in writing his
books since she had a smart intellect and a passion for economics. Marshall eventually returned
to Cambridge to teach after the passing of his colleague. During this final appointment,
Marshall fought to create a new tripos, which is the final honours examination at Cambridge for
economics. Mary Paley also had a brilliant mind and an affinity for economics, and it is believed
that she assisted Alfred in writing his books. In 1903, he was successful, and in 1908, he retired.
A few years before he returned to Cambridge, Alfred Marshall began work on his magnum
opus, the Principles of Economics. He intended his effort to become a two-volume collection
covering all aspects of economics. The book that was released in 1890 is merely the first
volume. Marshall may have been a bit of a perfectionist and took on too huge a task, leading
him to feel as though the second book was never truly done. It discussed many economic
principles such as foreign trade and tax. Both of Marshall's subsequent publications, Industry
and Trade in 1919 and Money, Credit, and Commerce, failed to get the same level of critical
praise as his breakthrough work. Alfred Marshall died peacefully at his home in 1924, at the age
of 81.