Alfred Marshall was born circa 1863, at birth place. He is considered on of the chief founders of the school of English Neoclassical economists. Although early on, at the behest of his father, he hoped to become a clergyman, his success at Cambridge led him to take an academic career. Alfred Marshall (born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge, England) was an English economist and one of the most influential economists of his time. Marshall contributed to the "marginalist revolution" with the idea that consumers attempt to equate prices to their marginal utility. Personal Details; Photo; Overview. In 1877, Alfred married Mary Paley, who was a student in his political economy class at Cambridge. He also played an important role in the “marginalist revolution”. Even though his works covered a wide range of fields in economics, his specialty was microeconomics. The Marshall Library of Economics and The Marshall Society are named in his honor. He had started working on the ‘Principles of Economics’ in 1881 and spent the next ten years writing it. Alfred Marshall turned to economics because "the study of the causes of poverty is the study of the causes of the degradation of a large part of mankind" (Marshall [1890] 1997). The work was never finished and many other, lesser works he had begun work on—a memorandum on trade policy for the Chancellor of the Exchequer in the 1890s, for instance—were left incomplete for the same reasons. His specialty was microeconomics —the study of individual markets and industries, as opposed to the study of the whole economy. This is the time period in which the supply can be increased through additional labor and raw materials, but not capital improvements, in order to maximize profits. A lfred Marshall was the dominant figure in British economics (itself dominant in world economics) from about 1890 until his death in 1924. He is regarded as one of the instigators of neoclassical economics. He perfected his Economics of Industry and published it widely in England as an economics curriculum. At Cambridge he endeavored to create a new "tripos" for economics, which he finally achieved in 1903. It is true that when one blade is held still, and the cutting is effected by moving the other, we may say with careless brevity that the cutting is done by the second; but the statement is not strictly accurate, and is to be excused only so long as it claims to be merely a popular and not a strictly scientific account of what happens (Marshall [1890] 1997, 290). 6 quotes from Alfred Marshall: 'The most valuable of all capital is that invested in human beings', '(1) Use mathematics as shorthand language, rather than as an engine of inquiry. Alfred Marshall Biography Stories. eval(ez_write_tag([[300,250],'newworldencyclopedia_org-medrectangle-4','ezslot_1',162,'0','0'])); He became a professor in 1868, specializing in political economy. The second volume, which was to address foreign trade, money, trade fluctuations, taxation, and collectivism, was never published. Read more on Wikipedia. He was the first person to develop the standard demand and supply graph and introduce several new economic concepts. Alfred Marshall : biography 26 July 1842 – 13 July 1924 Alfred Marshall was the first to develop the standard supply and demand graph demonstrating a number of fundamentals regarding supply and demand including the supply and demand curves, market equilibrium, the relationship between quantity and price in regards to supply and demand, law of […] Under his guidance, the University of Cambridge grew into a world-renowned center for the study of economics. New World Encyclopedia writers and editors rewrote and completed the Wikipedia article He desired to improve the mathematical rigor of economics and transform it into a more scientific profession. 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