Alfred Marshall and Neoclassicism

Alfred Marshall and Neoclassicism

Written By : Dr. Robert Hbert

Narrated By : Louis Rukeyser

Published By : Blackstone Audio Inc

Duration : 2 hours 30 minutes

Categories : Business

Download Price : $9.95

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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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