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Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist, and 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. Life and career Marshall was born at Bermondsey in London, second son of William Marshall (1812–1901), clerk and cashier at the Bank of England, and Rebecca (1817–1878), daughter of butcher Thomas Oliver, from whom, on her mother's death, she inherited property. William Marshall was a devout strict Evangelical, "author of an Evangelical epic in a sort of Anglo-Saxon language of his own invention which found some favour in its appropriate circles" and of a tract titled ''Men's Rights and Women's Duties''. Marshall had two brothers and two sisters; a cousin was the eco ...
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Principles Of Economics (Marshall)
''Principles of Economics'' is a leading political economy or economics textbook of Alfred Marshall (1842–1924), first published in 1890. It was the standard text for generations of economics students. Called his '' magnum opus'', it ran to eight editions by 1920. A ninth (variorum) edition was published in 1961, edited in 2 volumes by C. W. Guillebaud.Whittaker, J.K. (1987). "Marshall, Alfred," ''The New Palgrave: A Dictionary of Economics'', p. 363. Writing Marshall began writing the ''Principles of Economics'' in 1881 and he spent much of the next decade at work on the treatise. His plan for the work gradually extended to a two-volume compilation on the whole of economic thought; the first volume was published in 1890 to worldwide acclaim that established him as one of the leading economists of his time. The second volume, which was to address foreign trade, money, trade fluctuations, taxation, and collectivism, was never published at all. Over the next two decades he w ...
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Neoclassical Economics
Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory, a theory that has come under considerable question in recent years. Neoclassical economics historically dominated macroeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s to the 1970s.Clark, B. (1998). ''Principles of political economy: A comparative approach''. Westport, Connecticut: Praeger. Nadeau, R. L. (2003). ''The Wealth of ...
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John Ruskin
John Ruskin (8 February 1819 20 January 1900) was an English writer, philosopher, art critic and polymath of the Victorian era. He wrote on subjects as varied as geology, architecture, myth, ornithology, literature, education, botany and political economy. Ruskin's writing styles and literary forms were equally varied. He wrote essays and treatises, poetry and lectures, travel guides and manuals, letters and even a fairy tale. He also made detailed sketches and paintings of rocks, plants, birds, landscapes, architectural structures and ornamentation. The elaborate style that characterised his earliest writing on art gave way in time to plainer language designed to communicate his ideas more effectively. In all of his writing, he emphasised the connections between nature, art and society. Ruskin was hugely influential in the latter half of the 19th century and up to the First World War. After a period of relative decline, his reputation has steadily improved since the 1960 ...
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West Country
The West Country (occasionally Westcountry) is a loosely defined area of South West England, usually taken to include all, some, or parts of the counties of Cornwall, Devon, Dorset, Somerset, Bristol, and, less commonly, Wiltshire, Gloucestershire and Herefordshire. "Which counties make up the West Country?", ''YouGov.co.uk'', 23 October 2019
Retrieved 22 June 2021
The West Country has a distinctive regional English dialect and accent, and is also home to the Cornish language.


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The West Countr ...
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Ralph George Hawtrey
Sir Ralph George Hawtrey (22 November 1879, Slough – 21 March 1975, London) was a British economist, and a close friend of John Maynard Keynes. He was a member of the Cambridge Apostles, the University of Cambridge intellectual secret society. He took a monetary approach towards the economic ups and downs of industry and commerce, advocating changes in the money supply through adjustment in the bank rate of interest, foreshadowing the later work of Keynes. In the 1920s, he advocated what was later called the Treasury View. He also advanced in 1931 the concept that became known as the multiplier, a coefficient showing the effect of a change in total national investment on the amount of total national income. It was his view that the botched attempt to restore the international gold standard led to the Great Depression. He had played a key role in the Genoa Conference of 1922, which attempted to devise arrangements for a stable return to the gold standard. Life and career H ...
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Bermondsey
Bermondsey () is a district in southeast London, part of the London Borough of Southwark, England, southeast of Charing Cross. To the west of Bermondsey lies Southwark, to the east Rotherhithe and Deptford, to the south Walworth and Peckham, and to the north is Wapping across the River Thames. It lies within the historic county boundaries of Surrey. History Toponymy Bermondsey may be understood to mean ''Beornmund''s island; but, while ''Beornmund'' represents an Old English personal name, identifying an individual once associated with the place, the element "-ey" represents Old English ''eg'', for "island", "piece of firm land in a fen", or simply a "place by a stream or river". Thus Bermondsey need not have been an island as such in the Anglo-Saxon period, and is as likely to have been a higher, drier spot in an otherwise marshy area. Though Bermondsey's earliest written appearance is in the Domesday Book of 1086, it also appears in a source which, though surviving onl ...
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Costs Of Production
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics, cost is a metric that is totaling up as a result of a process or as a differential for the result of a decision. Hence cost is the metric used in the standard modeling paradigm applied to economic processes. Costs (pl.) are often further described based on their t ...
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Marginal Utility
In economics, utility is the satisfaction or benefit derived by consuming a product. The marginal utility of a good or service describes how much pleasure or satisfaction is gained by consumers as a result of the increase or decrease in consumption by one unit. There are three types of marginal utility. They are positive, negative, or zero marginal utility. For instance, you like eating pizza, the second piece of pizza brings you more satisfaction than only eating one piece of pizza. It means your marginal utility from purchasing pizza is positive. However, after eating the second piece you feel full, and you would not feel any better from eating the third piece. This means your marginal utility from eating pizza is zero. Moreover, you might feel sick if you eat more than three pieces of pizza. At this time, your marginal utility is negative. In other words, a negative marginal utility indicates that every unit of goods or service consumed will do more harm than good, which will ...
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Supply And Demand
In microeconomics, supply and demand is an economic model of price determination in a Market (economics), market. It postulates that, Ceteris paribus, holding all else equal, in a perfect competition, competitive market, the unit price for a particular Good (economics), good, or other traded item such as Labour supply, labor or Market liquidity, liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted. The concept of supply and demand forms the theoretical basis of modern economics. In macroeconomics, as well, the AD–AS model, aggregate demand-aggregate supply model has been used to depict how the quantity of real GDP, total output and the aggregate price level may be determined in equilibrium. Graphical representations Supply schedule A supply schedule, depicted graphically as a supply cu ...
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Mary Paley Marshall
Mary Marshall (née Paley; 24 October 1850 – 19 March 1944) was an economist who in 1874 had been one of the first women to take the Tripos examination at Cambridge University – although, as a woman, she had been excluded from receiving a degree. She was one of a group of five women who were the first to be admitted to study at Newnham College, the second women's college to be founded at the University. Childhood Paley was born in the village of Ufford, near Stamford, Lincolnshire, second daughter of the Reverend Thomas Paley and his wife Judith . Her father was Rector of Ufford and a former Fellow of St John's College, Cambridge. She was a great-granddaughter of the theologian and philosopher William Paley. Education She was educated at home, excelling in languages: in 1871, after performing well in entrance exams, she earned a scholarship to become one of the first five students at the recently founded Newnham College in Cambridge.
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Gary Becker
Gary Stanley Becker (; December 2, 1930 – May 3, 2014) was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences. He was a professor of economics and sociology at the University of Chicago, and was a leader of the third generation of the Chicago school of economics. Becker was awarded the Nobel Memorial Prize in Economic Sciences in 1992 and received the United States Presidential Medal of Freedom in 2007. A 2011 survey of economics professors named Becker their favorite living economist over the age of 60, followed by Kenneth Arrow and Robert Solow. Economist Justin Wolfers called him "the most important social scientist in the past 50 years." Becker was one of the first economists to analyze topics that had been researched in sociology, including racial discrimination, crime, family organization, and rational addiction. He argued that many different types of human behavior can be seen as rational and utility-maximizing, including those that ...
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Arthur Cecil Pigou
Arthur Cecil Pigou (; 18 November 1877 – 7 March 1959) was an English economist. As a teacher and builder of the School of Economics at the University of Cambridge, he trained and influenced many Cambridge economists who went on to take chairs of economics around the world. His work covered various fields of economics, particularly welfare economics, but also included Business cycle theory, unemployment, public finance, index numbers, and measurement of national output.Nahid Aslanbeigui, 2008. "Pigou, Arthur Cecil (1877–1959)," ''The New Palgrave Dictionary of Economics'', 2nd edAbstract./ref> His reputation was affected adversely by influential economic writers who used his work as the basis on which to define their own opposing views. He reluctantly served on several public committees, including the Cunliffe Committee and the 1919 Royal Commission on Income tax. Early life and education Pigou was born at Ryde on the Isle of Wight, the son of Clarence George Scott Pigou ...
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