The Economic Thought of Alfred Marshall

Alfred Marshall was one of the most influential British economists of his time who dominated economics at Cambridge and wrote a foundational Principles of Economics textbook.

This book presents a comprehensive thematic study on Marshall encompassing various aspects of his thinking, bringing together synthesis of the latest secondary literature with new interpretations of some key aspects of his ideas. The chapters in the book explore topics such as the scope and method of economics, supply-demand apparatus, theory of value and distribution, theory of evolution, the ideas of organic growth, progress and development, his views on socialism, cooperation and economic chivalry, and the role of the state in human development and economic welfare. Throughout the book, readers will get the picture of Marshall as the great conciliator and unifier. He presented a unified analysis of value combining both the demand and supply aspects. He introduced time period in his analysis by stating that the shorter the time period the larger is the role of demand, and the longer the time period the larger is the role of supply factors in the determination of value. Marshall also made an important contribution to the debate as to the proper method of economics (whether inductive or deductive) by pointing out that each method was serviceable in its proper place. Marshall was also a great evolutionary thinker who situated his statics as a part of dynamics.

This book is essential reading for anyone interested in the history of economic thought or looking for an entry into the work of Alfred Marshall. The book will appeal to a larger audience consisting of both scholars as well as students.