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This abridged edition of Alfred Marshall's masterwork contains the principle six books in full.
Initially published in 1890 and undergoing subsequent revisions as economic theory was refined and improved, Principles of Economics was for decades the cornerstone of economics education, being a staple text for university courses decades after its author's death in 1924. In all, the work comprises of six distinct books, together with thirteen appendixes covering various topics.
Much of the theory within the book remains current, with recognisable topics such as supply and demand, price elasticity, the necessities of the economy, and the nature of value all represented. Each point made is divided into distinct numbered portions, allowing the reader to absorb and memorise the knowledge imparted. Both macroeconomic and microeconomic topics are discussed, with Marshall's emphasis generally upon the former.
Ample reference is made to earlier economists of the 18th and 19th centuries such as Adam Smith and David Ricardo, with the theories of each analysed and expounded upon considerably. Some excursion is made into business theory, with the ideas of production and its costs, and the notion of the monopoly, much explored.
For its enormous size and scope, Principles of Economics maintains an unusual degree of readability. Alfred Marshall was an experienced and professional educator who both studied and taught at the English universities of Oxford, Cambridge and Bristol. Marshall's strong accustom to teaching economics in a manner in which students could swiftly understand and assimilate its ideas finds itself represented in this book, which minimises the theoretically cumbersome in a manner arguably unequalled to this day.
Principles of Economics is therefore an exceptional manual, ideal for reference by students, scholars and enthusiasts of economics. While portions have been outdated in the time since its publication, few works of economics approach its magnitude, attention to detail, and accessibility.
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"It is impossible to understand economics in the twentieth century without knowing about Marshall's Principles. The simplicity of his presentation conceals complexities that were not apparent to later generations who picked up on the mathematics whilst ignoring many of the evolutionary ideas that fascinate modern scholars."
Roger E. Backhouse, Professor of the History and Philosophy of Economics, University of Birmingham, UK
"Alfred Marshall's Principles of Economics is an outstanding contribution, one of the foundations of neoclassical economics, and shaped the thought of economists from John Maynard Keynes to Milton Friedman. Every modern economist should make its acquaintaince and should look in admiration at that seminal diagram in which Marshall drew a supply curve intersecting a demand curve. Peter Groenewegen, Marshall's biographer and the greatest living Marshall scholar, has written a new introduction for this edition, drawing on a lifetime of insightful scholarship."
Robert W. Dimand, Professor of Economics, Brock University, CanadaBook Description:
Alfred Marshall, Principles of Economics (1890) – Founder of modern (Neo-classical) Economics. His book 'Principles of Economics' is considered to be his seminal work.
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