alfred marshall simmonds

Alfred Marshall

Gina SimmondsEconomicsBerkhout

Alfred Marshall• Born in 1842 in

Clapham, England• Demonstrated

mathematical skills from an early age

• Attended Cambridge University

• Became a professor in 1868

• Married in 1877• First work

published in 1879• Publishes

Principles of Economics in 1881

Alfred Marshall, cont.

Alfred Marshall, cont.

• Health problems worsened through the 1880’s onward

• WWI prompted publishing of Industry and Trade Principles, 1919

• Died July 13th, 1924

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

Principles of Economics

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

•Supply and Demand

Marshall’sConcepts

Surplus Concept

•Consumer Surplus

Surplus Concept

•Producer Surplus

The Three Periods

•Market Period

•Short Period

•Long Period

Influence & Legacy• “Scissors

blades” theory• The “father and

grandfather” of economics

• Price Elasticity of Demand

• Profession of Economist

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