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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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Book Description 8th Edition. Contents Vol I Preface Introduction 1 Preliminary survey 2 Some fundamental notions 3 On wants and their Contents Vol I Preface Introduction 1 Preliminary survey 2 Some fundamental notions 3 On wants and their satisfaction 4 The agents of production land labour capital and organization 5 General relations of demand supply and value Vol II 6 The distribution of national income Appendices Index Alfred Marshall dominated the world of economics from about 1890 until his death in 1924 In his most important book Principles of Economics he emphasized that the price and output of a good are determined by both supply and demand the two curves are like scissor blades that intersect at equilibrium His primary concern in Principles was microeconomics the study of individual markets and industries and not the whole economy Modern economists trying to understand why the price of a good changes still start by looking for factors that may have shifted demand or supply approach they owe to Marshall Marshall used the tools of classical mechanics including the concept of optimization to make economics dynamic rather than static Like neoclassical economists who have followed in his footsteps Marshall took technology market institutions and peoples preferences as given However he believed that the Mecca of the economist lies in economic biology rather than in economic dynamics The economy according to him is an evolutionary process in which technology market institutions and peoples preferences evolve along with peoples behaviour Principles of economics first published in 1890 went through eight editions and is considered the most important treatise of 19 century and beyond It gave some landmark concepts like consumer surplus producer surplus price elasticity of demand and the idea of three periods viz market period short period and long period The concept of National dividend given in the principles is not a mere academic toy but a practical instrument of great power designed for service in the concrete solution of social problems Marshalls theoretic discussion follows the lines of the mathematical treatment of Cournot and others more particularly in his discussion of the doctrines of value cost exchange and distribution He has used diagrams and formulae for purposes of illustration and for greater precision of statement This reprint of the book with a comprehensive introduction has been brought to help the students teachers and researchers of Economics in their academic pursuits and for the economists to delve deeply into the subject and draw valuable conclusions for future progress of society 976 pp. Seller Inventory # 85151