The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Marshall, Alfred (1842–1924)

  • John K. Whitaker
Reference work entry


English economist Alfred Marshall, founder of the Cambridge School of economics, was a leading and internationally prominent figure in the development of economic thought between 1870 and 1920. He played a significant role in professionalizing British economics, always stressing the social importance of wider economic understanding. His influential ideas on economic theory were conveyed primarily in his Principles of Economics (1890). Accounts of his life, career and general views on economics are followed by a more technical treatment of his contributions to various aspects of economic analysis. Guides to his writings and to the secondary literature on him are appended.


Bernoulli hypothesis Berry, A. Bimetallism Böhm-Bawerk, E. Bowley, A. British classical economics British Economic Association Cambridge School Ceteris paribus Chapman, S. Clapham, J. Clark, J. Combinations Comparative static method Conspicuous consumption Consumer surplus Cost and supply curves Cost of production Cournot, A. Cunynghame, H. Cyclical unemployment Deductive method Demand for money Demand price Demand theory Derived demand Differential rent Distribution theories (classical) Dupuit, J. Edgeworth, F. Envelope theorem Equilibrium analysis Excess burden of taxation External economies Fay, C. Flux, A. Foxwell, H. Free trade Gonner, E. Homo economicus Imperfect competition Institutions Internal economies International trade (theory) Interpersonal utility comparisons Jenkin, H. Jevons, W. Joint demand and supply Keynes, J. M. Keynes, J. N. Lavington, F. Long-period equilibrium Long-period supply Macgregor, D. Marginal cost pricing Marginal productivity theory Marginal utility of money Marginal utility theory Market demand elasticity Market interdependence Market value Marshall, A. Marshall, M. P. Menger, C. Methodenstreit Methodology of economics Mill, J. S. Monetary theory Monopolistic competition Monopoly Multiple equilibria Multiplier Net product Nicholson, J. Normal profit Normal value Offer curves Optimal taxation Pantaleoni, M. Pareto, V. Partial-equilibrium method Perfect competition Period analysis Pigou, A. Poverty Price, L. Principle of substitution Producer surplus Product differentiation Quasi-rent Ramsey price Rent Representative firm Ricardo, D. Royal Economic Society Sanger, C. Say’s Law Self-interest Short-period equilibrium Sidgwick, H. Smith, A. Subjective theories of value Supply and demand Tariffs Temporary equilibrium Trade unions Utilitarianism von Thunen, J. Walker, F. Walras, L. Welfare economics 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • John K. Whitaker
    • 1
  1. 1.