Microeconomics

Alfred Marshall: Economist 1842-1924 (Great Thinkers in by P. Groenewegen

By P. Groenewegen

Alfred Marshall was once surely the doyen of British economics for 3 and a part a long time, beginning in 1890, the yr his rules of Economics used to be first released. This succinct review of Marshall's lifestyles and paintings as an economist units his significant monetary contributions in standpoint, by way of his schooling, his trip, his educating at Cambridge, Oxford and Bristol, his coverage perspectives as provided to executive inquiries and his political and social critiques.

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Additional info for Alfred Marshall: Economist 1842-1924 (Great Thinkers in Economics)

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As second wrangler, he was also the first of his college in the actual Tripos examinations of 1865, though beaten to the position of senior (that is, first) wrangler by Robert Strutt, later Lord Rayleigh, who came from Trinity College. The syllabus for the Tripos during the early 1860s is of interest in the context of Marshall the mathematical economist. It was officially summarised in the following manner. The elementary material generally taught in first year covered Euclid Book I to VI, Book XI Propositions I to XXI, Book XII Propositions I and II.

Be that as it may, Marshall’s result did secure him an academic career at Cambridge. High wranglers were invariably elected as College Fellows, and Marshall’s own college did so on 6 November 1865. In between, he served as temporary mathematics master at Clifton College, filling in for its permanent master, Charles Cay, who was unable to perform his duties due to illness. As shown in Chapter 3, Marshall’s College Fellowship enabled him to make a number of friends who considerably influenced his eventual choice of career as academic economist.

This type judgment later became characteristic for Marshall in deciding similar issues in his economics. Marshall’s third paper, ‘Ye Machine’, is generally considered to be the most important of Marshall’s four philosophical papers. Marshall himself described it as a prelude ‘to a general theory of psychology capable of being developed into a true one’. Its contents were a direct continuation of the argument presented in the second paper, since it elaborated those parts of Bain’s theory which Marshall considered to be correct, in which he attempted to use them for constructing a mechanism of the mind.

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