How did Alfred Marshall influence economics?
I aimed to establish economics as a more scientific and practical discipline. My method involved careful observation of industrial and commercial life, moving from concrete particulars to general principles, much like a biologist studies organisms. By introducing analytical tools such as the supply and demand diagram and the concept of elasticity, I provided economists with a more refined language and framework for analysis. The Cambridge School of Economics, which I helped found, fostered generations of economists who built upon and disseminated these methods.
Ask Alfred Marshall the follow-up →