Alfred Marshall - The Beautiful Economist by https://padlet.com/joshmaxmiller/marshall en-us 2017-01-09 00:49:56 UTC 2023-03-10 05:26:53 UTC hello@padlet.com Life and career joshmaxmiller https://padlet.com/joshmaxmiller/marshall/wish/145889165 2017-01-09 00:53:13 UTC https://padlet.com/joshmaxmiller/marshall/wish/145889165 Life and career pam_pam https://padlet.com/joshmaxmiller/marshall/wish/145889168 1842-1924
Studied at University of Cambridge, University of Bristol, and University of Oxford

He thinks that economics is a study of menas they live and move and think in the ordinary business of life


https://www.jstor.org/stable/pdf/43317514.pdf?seq=1#page_scan_tab_contents

]]> 2017-01-09 00:53:15 UTC https://padlet.com/joshmaxmiller/marshall/wish/145889168 Contributions to economics joshmaxmiller https://padlet.com/joshmaxmiller/marshall/wish/145889201
Alfred Marshall is considered to be one of the most influential economist of his time. He shaped mainstream economy ideas for the next 50 years. He is also a founder of a school of neoclassical economics. Marshall was one of those who used utility analysis, but not as a theory of value. He used it as a part of the theory to explain demand curves and the principle of substitution.  In his most important book, Principles of Economics , Marshall 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. 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, an approach they owe to Marshall.

The concept of consumer surplus is another one of Marshall’s contributions. He noted that the price stays the same for a unit of a commodity that a consumer buys, however the value to the consumer of each additional unit declines. There will be a point where the consumer reaches the marginal value which is equal to price. Therefore the consumer earns a benefit by paying lesser than the value of the good.

Marshall's scissors analysis– which combined demand and supply,that is utility and cost of production, as if in the two blades of a pair of scissors – effectively removed the theory of value from the center of analysis and replaced it with the theory of price. While the term "value" continued to be used, for most people it was a synonym for "price". Prices no longer were thought to gravitate toward some ultimate and absolute basis of price; prices were existential, between the relationship of demand and supply. Marshall also introduced the concept of producer surplus, the amount the producer is actually paid minus the amount that he would willingly accept. Marshall used these concepts to measure the changes in well-being from government policies such as taxation. 


Alfred Marshall defined the idea of consumer surplus as the monetary value gained by the consumer when a product’s purchase price is lower than what a consumer would pay rather than not have it at all. The surplus occurs when the consumer is willing to pay more than the current market price for the product.
Marshall used this concept to analyze the effects of taxes and subsidies on changes in well-being, which later became known as welfare economics.

]]> 2017-01-09 00:54:11 UTC https://padlet.com/joshmaxmiller/marshall/wish/145889201 Later career joshmaxmiller https://padlet.com/joshmaxmiller/marshall/wish/145889208 Marshall desired to improve the mathematical rigour of economics and transform it into a more scientific profession. In the 1870s he wrote a small number of tracts on international trade and the problems of protectionism. In 1879, many of these works were compiled into a work entitled The Theory of Foreign Trade: The Pure Theory of Domestic Values. In the same year (1879) he published The Economics of Industry with his wife Mary Paley. 

He did not want to mathematics to overshadow economics thus Marshall tailored the text of his books to laymen and put the mathematical content in the footnotes and appendices for the professionals.



]]> 2017-01-09 00:54:18 UTC https://padlet.com/joshmaxmiller/marshall/wish/145889208 Final years, death and legacy joshmaxmiller https://padlet.com/joshmaxmiller/marshall/wish/145889213 Died July 13, 1924 in Uk
He died at age 81]]> 2017-01-09 00:54:25 UTC https://padlet.com/joshmaxmiller/marshall/wish/145889213 joshmaxmiller https://padlet.com/joshmaxmiller/marshall/wish/145889536 2017-01-09 01:01:07 UTC https://padlet.com/joshmaxmiller/marshall/wish/145889536 Comment from Pigou oliviastang https://padlet.com/joshmaxmiller/marshall/wish/148568013 Hello again professor!
After studying under you, I based many of my theories on those that I learned from you, such as my work on externalities. Would you agree that my solution for these externalities (Pigou tax which you can find on my page) is an accurate response to your theories?]]> 2017-01-22 14:29:29 UTC https://padlet.com/joshmaxmiller/marshall/wish/148568013 Comment from Joseph Schumpeter ian_walker https://padlet.com/joshmaxmiller/marshall/wish/148618035
Hello Alfred,

I always admired how worldly your economics was. Though I believe entrepreneurship  is the main factor of economic stimulation, I still support your opinions on government intervention.

]]> 2017-01-23 04:37:16 UTC https://padlet.com/joshmaxmiller/marshall/wish/148618035 Comment from Karl Marx derecha2000 https://padlet.com/joshmaxmiller/marshall/wish/148678855 How dare you synonymize value with price! This thinking here is the exact reason why capitalism is doomed to fail – the value of the worker is no longer taken into account, merely what amount of money they can produce. The workers are alienated from from society and the object they produce, where their labor supersedes their value as a person.]]> 2017-01-23 12:12:16 UTC https://padlet.com/joshmaxmiller/marshall/wish/148678855 Comment from Keynes brian_liu https://padlet.com/joshmaxmiller/marshall/wish/148924536 Hello Mr. Marshall, I think your ideas were truly revolutionary in the world of economics. Your future followers, however, created flaws in the neoclassical theory. As shown in the Great Depression, the neoclassical model was not very effective at getting an economy out of a recession. Instead, my Keynesian theory is what got America out of the Great Depression. ]]> 2017-01-24 07:05:51 UTC https://padlet.com/joshmaxmiller/marshall/wish/148924536 Comment from Thomas Malthus sangyoon https://padlet.com/joshmaxmiller/marshall/wish/149063520 I can really tell how your ideas became to be very influential in the field of economics. I believe your scissor analysis is very insightful and can relate to your idea of government intervention. I wonder how your ideas and theories could be applied to the growing population in the future. Although I was wrong in my pessimistic view, but I feel like your theories could offer possible insights to such problem]]> 2017-01-24 16:09:32 UTC https://padlet.com/joshmaxmiller/marshall/wish/149063520 Comment from Adam Smith https://padlet.com/joshmaxmiller/marshall/wish/151657547 Hello Mr. Marshall, 
I have read your ideas about economics and its major impact in society. As you may or may not know, I also believe in the concept of the invisible hand, which is to promote an individual's self-interest and desire to improve one's life, as I have written in my book: "No society can surely be flourishing and happy, of which the far great part of the members are poor and miserable." ]]> 2017-02-05 13:38:40 UTC https://padlet.com/joshmaxmiller/marshall/wish/151657547 https://padlet.com/joshmaxmiller/marshall/wish/1343010146 When was he born?]]> 2021-03-23 14:04:53 UTC https://padlet.com/joshmaxmiller/marshall/wish/1343010146 https://padlet.com/joshmaxmiller/marshall/wish/1343022727 When did he die?]]> 2021-03-23 14:06:45 UTC https://padlet.com/joshmaxmiller/marshall/wish/1343022727 https://padlet.com/joshmaxmiller/marshall/wish/1343025558 Who was his son?]]> 2021-03-23 14:07:12 UTC https://padlet.com/joshmaxmiller/marshall/wish/1343025558