alfred marshall simmonds
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Alfred Marshall
Gina SimmondsEconomicsBerkhout
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Alfred Marshall• Born in 1842 in
Clapham, England• Demonstrated
mathematical skills from an early age
• Attended Cambridge University
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• Became a professor in 1868
• Married in 1877• First work
published in 1879• Publishes
Principles of Economics in 1881
Alfred Marshall, cont.
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Alfred Marshall, cont.
• Health problems worsened through the 1880’s onward
• WWI prompted publishing of Industry and Trade Principles, 1919
• Died July 13th, 1924
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Published Works• The Pure Theory of
Foreign Trade: The Pure Theory of Domestic Values
• Principles of Economics
• Economics of Industry• Industry and Trade
Principles• Money, Credit, and
Commerce
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Principles of Economics
•"Knowledge is our most powerful engine of production."
•Supply and Demand
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Marshall’sConcepts
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Surplus Concept
•Consumer Surplus
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Surplus Concept
•Producer Surplus
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The Three Periods
•Market Period
•Short Period
•Long Period
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Influence & Legacy• “Scissors
blades” theory• The “father and
grandfather” of economics
• Price Elasticity of Demand
• Profession of Economist
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Bibliography• Henderson, David R. Biography of Alfred Marshall. 2002.
The Library of Economics and Liberty. http://www.econlib.org/library/Enc/bios/Marshall.html
• Hoffman, William. The Knowledge Economy Comes Knocking. 1 February, 1999. The Doric Column. http://mbbnet.umn.edu/doric/economy.html
• Bized.co.uk. Consumer and Producer Surplus: Measures of Welfare. 2007. http://www.bized.co.uk/virtual/dc/trade/theory/th16.htm
• Wikipedia.com. Alfred Marshall. 11 January, 2007. http://en.wikipedia.org/wiki/Alfred_Marshall