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Alfred Marshall Gina Simmonds Economics Berkhout

Alfred Marshall Simmonds

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Page 1: Alfred Marshall Simmonds

Alfred Marshall

Gina SimmondsEconomicsBerkhout

Page 2: Alfred Marshall Simmonds

Alfred Marshall• Born in 1842 in

Clapham, England• Demonstrated

mathematical skills from an early age

• Attended Cambridge University

Page 3: Alfred Marshall Simmonds

• Became a professor in 1868

• Married in 1877• First work

published in 1879• Publishes

Principles of Economics in 1881

Alfred Marshall, cont.

Page 4: Alfred Marshall Simmonds

Alfred Marshall, cont.

• Health problems worsened through the 1880’s onward

• WWI prompted publishing of Industry and Trade Principles, 1919

• Died July 13th, 1924

Page 5: Alfred Marshall Simmonds

Published Works• The Pure Theory of

Foreign Trade: The Pure Theory of Domestic Values

• Principles of Economics

• Economics of Industry• Industry and Trade

Principles• Money, Credit, and

Commerce

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Principles of Economics

•"Knowledge is our most powerful engine of production."

•Supply and Demand

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Marshall’sConcepts

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Surplus Concept

•Consumer Surplus

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Surplus Concept

•Producer Surplus

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The Three Periods

•Market Period

•Short Period

•Long Period

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Influence & Legacy• “Scissors

blades” theory• The “father and

grandfather” of economics

• Price Elasticity of Demand

• Profession of Economist

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Bibliography• Henderson, David R. Biography of Alfred Marshall. 2002.

The Library of Economics and Liberty. http://www.econlib.org/library/Enc/bios/Marshall.html

• Hoffman, William. The Knowledge Economy Comes Knocking. 1 February, 1999. The Doric Column. http://mbbnet.umn.edu/doric/economy.html

• Bized.co.uk. Consumer and Producer Surplus: Measures of Welfare. 2007. http://www.bized.co.uk/virtual/dc/trade/theory/th16.htm

• Wikipedia.com. Alfred Marshall. 11 January, 2007. http://en.wikipedia.org/wiki/Alfred_Marshall