Answer to Question #320567 in Economics for Mark

Question

Explain the main contribution for Alfred Fisher Marshall, Economist of neo-classical school of Economic Thought and how his contributions have improved the modern day understanding and application of Economics.

( In 400 words)

Answer 1

Alfred Marshall FBA (26 July 1842 – 13 July 1924) was an English economist, who was one of the most influential economists of his time. His book, Principles of Economics (1890), was the dominant economic textbook in England for many years. It brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. He is known as one of the founders of neoclassical economics.