Alfred Marshall, one of the greatest economists of all time, was an English economist known for his specialization in microeconomics. His famous book, ‘Principles of Economics’, was the go-to textbook for economics in England for many years. Marshall’s emphasis on the concept of price elasticity of demand has had a significant impact on the study of demand and supply. Despite the progress made in economic science, many of Marshall’s ideas from the early 20th century remain relevant in the 21st century. Marshall’s journey into economics began after a mental crisis, shifting his focus from mathematics to philosophy and ethics. He believed that economics could improve materialistic conditions and dedicated his life to developing it as a scientific field. Marshall also aimed to make economics accessible to the layman, writing books in a style that was easily understandable.
Quick Facts
- British Celebrities Born In July Died At Age: 81
- Family: Spouse/Ex-: Mary Paley, father: William Marshall, mother: Rebecca Oliver, siblings: Agnes, Charles William Marshall, Mabel, Walter
- Quotes By Alfred Marshall
- Economists
- Political ideology: Founded the
- Died on: July 13, 1924
- Place of death: Cambridge
- City: London, England
- More Facts
- Education: Merchant Taylor’s School, London, St. John’s College, Cambridge University
Childhood & Early Life
Alfred Marshall was born on July 26, 1842, in Cambridge, England, to William Marshall and Rebecca Oliver. He grew up in a middle-class family and had a comfortable childhood. However, his father was a very strict person. Alfred attended the Merchant Taylors’ School before moving on to St. John’s College, Cambridge. This decision was a rebellion against his father’s expectation for him to go to Oxford with a classics scholarship.
Education and Career
Alfred Marshall was a bright student with a deep interest in mathematics and science. However, he experienced a mental crisis while at college and switched his focus to philosophy. His interest in metaphysics led him to ethics, which in turn motivated him to study economics. His initial interest in economics stemmed from the fact that he believed it was crucial for the improvement of the working class. His ethical stance guided him in his work on economics.
In 1868, Marshall became a lecturer in the moral sciences at St. John’s College, Cambridge. A few years later, in 1875, he attended a study of trade protection in the United States. Upon his return, he strived to make political economy a serious subject at Cambridge. His efforts paid off, and in 1885, he became the professor of political economy at Cambridge. Over the next several years, he became one of the most prominent economists in the country and retired from Cambridge in 1908.
During his tenure at Cambridge, Marshall collaborated with several other eminent thinkers and founded the “Cambridge School.” He started working on the ‘Principles of Economics’ in 1881 and spent the next ten years writing it. The book was finally published in 1890 and became the standard textbook for generations of economics students. Marshall’s ‘Principles of Economics’ established his reputation as a brilliant economist and revolutionized the way economics was taught in English-speaking countries. He also wrote other notable works such as ‘The Economics of Industry’ (1879), ‘Elements of Economics of Industry’ (1892), ‘Industry and Trade’ (1919), and ‘Money, Credit & Commerce’ (1923).
Contributions and Legacy
Alfred Marshall had a significant influence on government policy on prices, gold and silver, currency, and international trade. He played a major role in shaping mainstream economic thought and is considered one of the founders of the school of neoclassical economics. Marshall is credited with developing the demand-supply graph and popularizing the use of diagrams in teaching economics. He also played an important role in the “marginalist revolution.”
Major Works
Marshall is best known for writing the ‘Principles of Economics,’ which became the seminal textbook for generations of economics students. He was the first person to develop the standard demand and supply graph and introduce several new economic concepts. This book established him as one of the leading economists of his era.
Personal Life and Legacy
Alfred Marshall began a relationship with Mary Paley, one of his former students and one of the first women to be educated at Cambridge. They married in 1877, and his wife collaborated with him to write some of his books. Marshall began to suffer from ill health during his later years but remained dedicated to his profession until the very end. He passed away on July 13, 1924, at the age of 81. The Marshall Library of Economics and The Marshall Society are named in his honor.