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Alfred Marshall and Neoclassicism
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Alfred Marshall and Neoclassicism

Dr. Robert Hbert
Narrated By : Louis Rukeyser
Blackstone Audio Inc
Duration : 2 hours 30 minutes
Type : Business
Price : $9.95
Buy Now!
Alfred Marshall, (1842-1924) a British economics professor at Oxford University, developed
economics into a more rigorous, professional discipline than ever before. He invented concepts such as
price elasticity, the representative firm, consumer's surplus, and other ideas that significantly enlarged the
"analytical tool kit" of the economist.

Darwin's ideas about biological evolution especially influenced Marshall, who learned a great deal about
economic behavior by viewing a business firm as a biological organism, complete with a life cycle. He is
perhaps best remembered for explaining the interaction of supply (i.e. costs of production) and demand (i.e.
consumer utility), using the famous "scissors" metaphor to explain how these forces determine the price of
an object.

Auburn University

 

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