Top 10 most inspiring quotes by Alfred Marshall
- The price of everything rises and falls from time to time and place to place, and with every such change, the purchasing power of money changes as far as that thing goes.
- Consumption may be regarded as negative production.
- In every age, poets and social reformers have tried to stimulate the people of their own time to a nobler life by enchanting stories of the virtues of the heroes of old.
- And very often, the influence exerted on a person’s character by the amount of his income is hardly less, if it is less, than that exerted by the way in which it is earned.
- Individual and national rights to wealth rest on the basis of civil and international law, or at least of custom that has the force of law.
- Slavery was regarded by Aristotle as an ordinance of nature, and so probably was it by the slaves themselves in olden times.
- Material goods consist of useful material things and of all rights to hold, use, derive benefits from material things, or receive them at a future time.
- But if inventions have increased man’s power over nature very much, then the real value of money is better measured for some purposes in labour than in commodities.
- The hope that poverty and ignorance may gradually be extinguished, derives indeed much support from the steady progress of the working classes during the nineteenth century.
- Again, most of the chief distinctions marked by economic terms are differences not of kind but of degree.
Alfred Marshall (1842–1924) was a pioneering British economist whose work laid the foundation for modern microeconomic theory. Born in London, Marshall studied at Cambridge University, where he later became a prominent academic figure. His most influential work, “Principles of Economics,” published in 1890, significantly shaped economic thought.
Marshall’s contributions to economics were diverse, but he is best known for introducing the concept of price elasticity of demand and supply, emphasizing the role of both demand and supply in determining market equilibrium. He also developed the idea of the “Marshallian cross,” a graphical representation of supply and demand interactions.
As a teacher, Marshall had a profound impact on the Cambridge School of Economics, where he mentored notable economists such as John Maynard Keynes. His emphasis on empirical analysis and the practical application of economic principles greatly influenced the development of neoclassical economics.
Alfred Marshall’s legacy endures through his lasting impact on economic theory and his role in shaping the way economists approach the study of markets and consumer behavior. His work laid the groundwork for the neoclassical synthesis that became dominant in the early 20th century and continues to influence economic thought today.
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