Alfred Marshall

Alfred Marshall

Overview
Alfred Marshall was an Englishman and one of the most influential economists of his time. His book, Principles of Economics
Principles of Economics (Marshall)
Principles of Economics was a leading political economy or economics textbook of Alfred Marshall , first published in 1890. It ran into many editions and was the standard text for generations of economics students.-Writing:...

(1890), was the dominant economic textbook in England for many years. It brings the ideas of supply and demand
Supply and demand
Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers , resulting in an...

, marginal utility
Marginal utility
In economics, the marginal utility of a good or service is the utility gained from an increase in the consumption of that good or service...

, and costs of production into a coherent whole. He is known as one of the founders of economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...

.

Marshall was born in Clapham, England, July 26, 1842. His father was a bank cashier and a devout Evangelical.
Discussion
Ask a question about 'Alfred Marshall'
Start a new discussion about 'Alfred Marshall'
Answer questions from other users
Full Discussion Forum
 
Unanswered Questions
Encyclopedia
Alfred Marshall was an Englishman and one of the most influential economists of his time. His book, Principles of Economics
Principles of Economics (Marshall)
Principles of Economics was a leading political economy or economics textbook of Alfred Marshall , first published in 1890. It ran into many editions and was the standard text for generations of economics students.-Writing:...

(1890), was the dominant economic textbook in England for many years. It brings the ideas of supply and demand
Supply and demand
Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers , resulting in an...

, marginal utility
Marginal utility
In economics, the marginal utility of a good or service is the utility gained from an increase in the consumption of that good or service...

, and costs of production into a coherent whole. He is known as one of the founders of economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...

.

Career


Marshall was born in Clapham, England, July 26, 1842. His father was a bank cashier and a devout Evangelical. Marshall grew up in the London suburb of Clapham
Clapham
Clapham is a district in south London, England, within the London Borough of Lambeth.Clapham covers the postcodes of SW4 and parts of SW9, SW8 and SW12. Clapham Common is shared with the London Borough of Wandsworth, although Lambeth has responsibility for running the common as a whole. According...

 and was educated at the Merchant Taylor's School
Merchant Taylors' School, Northwood
Merchant Taylors' School is a British independent day school for boys, originally located in the City of London. Since 1933 it has been located at Sandy Lodge in the Three Rivers district of Hertfordshire ....

, Northwood and St John's College, Cambridge
St John's College, Cambridge
St John's College is a constituent college of the University of Cambridge. The college's alumni include nine Nobel Prize winners, six Prime Ministers, three archbishops, at least two princes, and three Saints....

, where he demonstrated an aptitude in mathematics, achieving the rank of Second Wrangler in the 1865 Cambridge Mathematical Tripos
Cambridge Mathematical Tripos
The Mathematical Tripos is the taught mathematics course at the University of Cambridge. It is the oldest Tripos that is examined in Cambridge.-Origin:...

. Marshall experienced a mental crisis that led him to abandon physics and switch to philosophy. He began with metaphysics, specifically "the philosophical foundation of knowledge, especially in relation to theology.". Metaphysics led Marshall to ethics, specifically a Sidgwickian
Henry Sidgwick
Henry Sidgwick was an English utilitarian philosopher and economist. He was one of the founders and first president of the Society for Psychical Research, a member of the Metaphysical Society, and promoted the higher education of women...

 version of utilitarianism; ethics, in turn, led him to economics, because economics played an essential role in providing the preconditions for the improvement of the working class. Even as he turned to economics, his ethical views continued to be a dominant force in his thinking.

Marshall took a broad approach to social science in which economics plays an important but limited role. He recognized that in the real world, economic life is tightly bound up with ethical, social and political currents—currents he felt economists should not ignore. Marshall envisioned dramatic social change involving the elimination of poverty and a sharp reduction of inequality. He saw the duty of economics was to improve material conditions, but such improvement would occur, Marshall believed, only in connection with social and political forces. His interest in liberalism, socialism, trade unions, women's education, poverty and progress reflect the influence of his early social philosophy to his later activities and writings.

Marshall was elected in 1865 to a fellowship at St John's College at Cambridge, and became lecturer in the moral sciences in 1868. In 1885 he became professor of political economy at Cambridge, where he remained until his retirement in 1908. Over the years he interacted with many British thinkers including Henry Sidgwick
Henry Sidgwick
Henry Sidgwick was an English utilitarian philosopher and economist. He was one of the founders and first president of the Society for Psychical Research, a member of the Metaphysical Society, and promoted the higher education of women...

, W.K. Clifford, Benjamin Jowett
Benjamin Jowett
Benjamin Jowett was renowned as an influential tutor and administrative reformer in the University of Oxford, a theologian and translator of Plato. He was Master of Balliol College, Oxford.-Early career:...

, William Stanley Jevons
William Stanley Jevons
William Stanley Jevons was a British economist and logician.Irving Fisher described his book The Theory of Political Economy as beginning the mathematical method in economics. It made the case that economics as a science concerned with quantities is necessarily mathematical...

, Francis Ysidro Edgeworth
Francis Ysidro Edgeworth
Francis Ysidro Edgeworth FBA was an Irish philosopher and political economist who made significant contributions to the methods of statistics during the 1880s...

, John Neville Keynes
John Neville Keynes
John Neville Keynes was a British economist and father of John Maynard Keynes.-Biography:Born in Salisbury, he was the son of Dr John Keynes and his wife Anna Maynard Neville . He was educated at Amersham Hall School, University College London and Pembroke College, Cambridge, where he became a...

 and John Maynard Keynes
John Maynard Keynes
John Maynard Keynes, Baron Keynes of Tilton, CB FBA , was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments...

. Marshall founded the "Cambridge School" which paid special attention to increasing returns, the theory of the firm, and welfare economics; after his retirement leadership passed to Alfred Pigou and John Maynard Keynes
John Maynard Keynes
John Maynard Keynes, Baron Keynes of Tilton, CB FBA , was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments...

.

Economics


He desired to improve the mathematical rigor of economics and transform it into a more scientific profession. In the 1870s he wrote a small number of tracts on international trade and the problems of protectionism. In 1879, many of these works were compiled into a work entitled The Pure Theory of Foreign Trade: The Pure Theory of Domestic Values. In the same year (1879) he published The Economics of Industry with his wife Mary Paley Marshall
Mary Paley Marshall
Mary Paley Marshall , born Mary Paley, was an economist and one of the first women to study at Cambridge University....

.

Although Marshall took economics to a more mathematically rigorous level, he did not want mathematics
Mathematics
Mathematics is the study of quantity, space, structure, and change. Mathematicians seek out patterns and formulate new conjectures. Mathematicians resolve the truth or falsity of conjectures by mathematical proofs, which are arguments sufficient to convince other mathematicians of their validity...

 to overshadow economics and thus make economics irrelevant to the layman. Accordingly, Marshall tailored the text of his books to laymen and put the mathematical content in the footnotes and appendices for the professionals. In a letter to A. L. Bowley, he laid out the following system:

Marshall had been Mary Paley's professor of political economy at Cambridge and the two were married in 1877, forcing Marshall to leave his position as a Fellow (college) of St John's College, Cambridge
St John's College, Cambridge
St John's College is a constituent college of the University of Cambridge. The college's alumni include nine Nobel Prize winners, six Prime Ministers, three archbishops, at least two princes, and three Saints....

 in order to comply with celibacy rules at the university. He became the first principal at University College, Bristol
University College, Bristol
University College, Bristol was an educational institution which existed from 1876 to 1909. It was the predecessor institution to the University of Bristol, which gained a Royal Charter in 1909...

, which was the institution that later became the University of Bristol
University of Bristol
The University of Bristol is a public research university located in Bristol, United Kingdom. One of the so-called "red brick" universities, it received its Royal Charter in 1909, although its predecessor institution, University College, Bristol, had been in existence since 1876.The University is...

, again lecturing on political economy and economics. He perfected his Economics of Industry while at Bristol, and published it more widely in England as an economic curriculum; its simple form stood upon sophisticated theoretical foundations. Marshall achieved a measure of fame from this work, and upon the death of William Jevons in 1882, Marshall became the leading British economist of the scientific school of his time.

Marshall returned to Cambridge, via a brief period at Balliol College, Oxford
Balliol College, Oxford
Balliol College , founded in 1263, is one of the constituent colleges of the University of Oxford in England but founded by a family with strong Scottish connections....

 during 1883–4, to take the seat as Professor of Political Economy
Professor of Political Economy, Cambridge University
The Professorship of Political Economy is a professorship at the University of Cambridge, founded in 1828.-Professors of Political Economy:* George Pryme * Henry Fawcett * Alfred Marshall * Arthur Cecil Pigou...

 in 1884 on the death of Henry Fawcett
Henry Fawcett
Henry Fawcett PC was a blind British academic, statesman and economist.-Background and education:Fawcett was born in Salisbury, and educated at King's College School and the University of Cambridge: entering Peterhouse in 1852, he migrated to Trinity Hall the following year, and became a fellow...

. At Cambridge he endeavored to create a new tripos
Tripos
The University of Cambridge, England, divides the different kinds of honours bachelor's degree by Tripos , plural Triposes. The word has an obscure etymology, but may be traced to the three-legged stool candidates once used to sit on when taking oral examinations...

 for economics, a goal which he would only achieve in 1903. Until that time, economics was taught under the Historical and Moral Sciences Triposes which failed to provide Marshall the kind of energetic and specialized students he desired.

Principles of Economics (1890)



Marshall began his seminal work, the Principles of Economics, in 1881, and 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.

Principles of Economics established his worldwide reputation. It appeared in 8 editions, starting at 750 pages and growing to 870 pages. It decisively shaped the teaching of economics in English-speaking countries. Its main technical contribution was a masterful analysis of the issues of elasticity, consumer surplus, increasing and diminishing returns, short and long terms, and marginal utility; many of the ideas were original with Marshall, others were improved version of ideas by W. S. Jevons and others.

In a broader sense Marshall hoped to reconcile the classical and modern theories of value. John Stuart Mill
John Stuart Mill
John Stuart Mill was a British philosopher, economist and civil servant. An influential contributor to social theory, political theory, and political economy, his conception of liberty justified the freedom of the individual in opposition to unlimited state control. He was a proponent of...

 had examined the relationship between the value of commodities and their production costs, on the theory that value depends on effort expended in manufacture. Jevons and the Marginal Utility
Marginal utility
In economics, the marginal utility of a good or service is the utility gained from an increase in the consumption of that good or service...

 theorists had elaborated a theory of value based on the idea of maximizing utility, holding that value depends on demand. Marshall's work used both these approaches, but he focused more on costs. He noted that, in the short run, supply cannot be changed and market value depends mainly on demand. In an intermediate time period, production can be expanded by existing facilities, such as buildings and machinery; but since these do not require renewal within this intermediate period their costs (called fixed, overhead, or supplementary costs) have little influence on the sale price of the product. Marshall pointed out that it is the prime or variable costs, which constantly recur, that influence the sale price most in this period. In a still longer period, machines and buildings wear out and have to be replaced, so that the sale price of the product must be high enough to cover such replacement costs. This classification of costs into fixed and variable and the emphasis given to the element of time probably represent one of Marshall's chief contributions to economic theory. He was committed to partial equilibrium models over general equilibrium on the grounds that the inherently dynamical nature of economics made the former more practically useful.

Much of the success of Marshall's teaching and Principles book derived from his effective use of diagrams, which were soon emulated by other teachers worldwide.

Later career


He served as President of the first day of the 1889 Co-operative Congress
Co-operative Congress
The Co-operative Congress is the national conference of the UK Co-operative Movement. The first of the modern congresses took place in 1869 following a series of meetings called the "Owenite Congress" in the 1830s...

.

Over the next two decades he worked to complete the second volume of his Principles, but his unyielding attention to detail and ambition for completeness prevented him from mastering the work's breadth. 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
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...

 in the 1890s, for instance - were left incomplete for the same reasons.

His health problems had gradually grown worse since the 1880s, and in 1908 he retired from the university. He hoped to continue work on his Principles but his health continued to deteriorate and the project had continued to grow with each further investigation. The outbreak of the First World War
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...

 in 1914 prompted him to revise his examinations of the international economy and in 1919 he published Industry and Trade at the age of 77. This work was a more empirical treatise than the largely theoretical Principles, and for that reason it failed to attract as much acclaim from theoretical economists. In 1923, he published Money, Credit, and Commerce, a broad amalgam of previous economic ideas, published and unpublished, stretching back a half-century.

From 1890 to 1924 he was the respected father of the economic profession and to most economists for the half-century after his death, the venerable grandfather. He had shied away from controversy during his life in a way that previous leaders of the profession had not, although his even-handedness drew great respect and even reverence from fellow economists, and his home at Balliol Croft in Cambridge had no shortage of distinguished guests. His students at Cambridge became leading figures in economics, including John Maynard Keynes
John Maynard Keynes
John Maynard Keynes, Baron Keynes of Tilton, CB FBA , was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments...

 and Arthur Cecil Pigou
Arthur Cecil Pigou
Arthur Cecil Pigou 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 fill chairs of economics around the world...

. His most important legacy was creating a respected, academic, scientifically founded profession for economists in the future that set the tone of the field for the remainder of the 20th century.

Having died aged 81 at his home in Cambridge, Marshall is buried in the Ascension Parish Burial Ground
Ascension Parish Burial Ground, Cambridge
The Ascension Parish Burial Ground, formerly St Giles and St Peter's Parish, is a cemetery just off Huntingdon Road near the junction with Storey's Way in the northwest of Cambridge, England. It includes the graves of many Cambridge academics and non-conformists of the 19th and early 20th century...

. The library of the Department of Economics at Cambridge University (The Marshall Library of Economics
The Marshall Library of Economics
The Marshall Library of Economics at Cambridge University is the outgrowth of a Moral Sciences Library begun in 1885 by Professor Alfred Marshall and Professor Henry Sidgwick, consisting largely of their own books and housed in the School of Divinity....

), the Economics society at Cambridge (The Marshall Society) as well as the University of Bristol
University of Bristol
The University of Bristol is a public research university located in Bristol, United Kingdom. One of the so-called "red brick" universities, it received its Royal Charter in 1909, although its predecessor institution, University College, Bristol, had been in existence since 1876.The University is...

 Economics department are named for him.

His home, Balliol Croft, was renamed Marshall House
Marshall House, Cambridge
Marshall House has been the President's Lodge at Lucy Cavendish College, Cambridge, England, since 2001. It was designed by the Scottish architect J. J...

 in 1991 in his honour when it was bought by Lucy Cavendish College, Cambridge
Lucy Cavendish College, Cambridge
Lucy Cavendish College is a constituent college of the University of Cambridge. It is a women-only college, which admits only postgraduates and undergraduates aged 21 or over....

.

Theoretical contributions


Marshall is considered to be one of the most influential economists of his time, largely shaping mainstream economic thought
Mainstream economics
Mainstream economics is a loose term used to refer to widely-accepted economics as taught in prominent universities and in contrast to heterodox economics...

 for the next fifty years, and being one of the founders of the school of neoclassical economics
Neoclassical economics
Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits...

. Although his economics was advertised as extensions and refinements of the work of Adam Smith
Adam Smith
Adam Smith was a Scottish social philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations...

, David Ricardo
David Ricardo
David Ricardo was an English political economist, often credited with systematising economics, and was one of the most influential of the classical economists, along with Thomas Malthus, Adam Smith, and John Stuart Mill. He was also a member of Parliament, businessman, financier and speculator,...

, Thomas Robert Malthus and John Stuart Mill
John Stuart Mill
John Stuart Mill was a British philosopher, economist and civil servant. An influential contributor to social theory, political theory, and political economy, his conception of liberty justified the freedom of the individual in opposition to unlimited state control. He was a proponent of...

, he extended economics away from its classical
Classical economics
Classical economics is widely regarded as the first modern school of economic thought. Its major developers include Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Malthus and John Stuart Mill....

 focus on the market economy and instead popularized it as a study of human behavior. He downplayed the contributions of certain other economists to his work, such as Leon Walras
Léon Walras
Marie-Esprit-Léon Walras was a French mathematical economist associated with the creation of the general equilibrium theory.-Life and career:...

, Vilfredo Pareto
Vilfredo Pareto
Vilfredo Federico Damaso Pareto , born Wilfried Fritz Pareto, was an Italian engineer, sociologist, economist, political scientist and philosopher. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices....

 and Jules Dupuit
Jules Dupuit
Jules Dupuit was an Italian-born French civil engineer and economist.He was born in Fossano, Italy then under the rule of Napoleon Bonaparte. At the age of ten he emigrated to France with his family where he studied in Versailles — winning a Physics prize at graduation. He then studied in the...

, and only grudgingly acknowledged the influence of Stanley Jevons
William Stanley Jevons
William Stanley Jevons was a British economist and logician.Irving Fisher described his book The Theory of Political Economy as beginning the mathematical method in economics. It made the case that economics as a science concerned with quantities is necessarily mathematical...

 himself.

Marshall's influence on codifying economic thought is difficult to deny. He popularized the use of supply and demand
Supply and demand
Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers , resulting in an...

 functions as tools of price determination (previously discovered independently by Cournot); modern economists owe the linkage between price shifts and curve shifts to Marshall. Marshall was an important part of the "marginalist revolution;" the idea that consumers attempt to adjust consumption until marginal utility
Marginal utility
In economics, the marginal utility of a good or service is the utility gained from an increase in the consumption of that good or service...

 equals the price was another of his contributions. The price elasticity of demand
Price elasticity of demand
Price elasticity of demand is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price...

 was presented by Marshall as an extension of these ideas. Economic welfare, divided into producer surplus and consumer surplus, was contributed by Marshall, and indeed, the two are sometimes described eponymously as 'Marshallian surplus.' He used this idea of surplus to rigorously analyze the effect of taxes and price shifts on market welfare. Marshall also identified quasi-rent
Quasi-rent
Quasi-rent is an analytical term in economics, for the income earned, in excess of post-investment opportunity cost, by a sunk cost investment...

s.

Marshall's brief references to the social and cultural relations in the "industrial district
Industrial district
Industrial district was initially introduced as a term to describe an area where workers of a monolithic heavy industry live within walking-distance of their places of work...

s" of England were used as a starting point for late twentieth-century work in economic geography
Economic geography
Economic geography is the study of the location, distribution and spatial organization of economic activities across the world. The subject matter investigated is strongly influenced by the researcher's methodological approach. Neoclassical location theorists, following in the tradition of Alfred...

 and institutional economics
Institutional economics
Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behaviour. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the...

 on clustering
Business cluster
A business cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Clusters are considered to increase the productivity with which companies can compete, nationally and globally. In urban studies, the term agglomeration is used...

 and learning organizations.

Gary Becker
Gary Becker
Gary Stanley Becker is an American economist. He is a professor of economics, sociology at the University of Chicago and a professor at the Booth School of Business. He was awarded the Nobel Memorial Prize in Economic Sciences in 1992, and received the United States' Presidential Medal of Freedom...

 (b. 1930), the 1992 Nobel prize winner in economics, has mentioned that Milton Friedman and Alfred Marshall were the two greatest influences on his work.

Another contribution that Marshall made was differentiating concepts of internal and external economies of scale
Economies of scale
Economies of scale, in microeconomics, refers to the cost advantages that an enterprise obtains due to expansion. There are factors that cause a producer’s average cost per unit to fall as the scale of output is increased. "Economies of scale" is a long run concept and refers to reductions in unit...

. That is that when costs of input factors of production go down, it's a positive externality for all the firms in the market place, outside the control of any of the firms.

The Marshallian industrial district


A concept based on a pattern of organization that was common in late nineteenth century Britain
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

 in which firms concentrating on the manufacture of certain products were geographically clustered. Comments made by Marshall in Book 4, Chapter 10 of Principles of Economics have been used by economists and economic geographers to discuss this phenomenon.

The two dominant characteristics of a Marshallian industrial district are high degrees of vertical and horizontal specialisation and a very heavy reliance on market mechanism for exchange. Firms tend to be small and to focus on a single function in the production chain. Firms located in industrial districts are highly competitive in the neoclassical
Neoclassical economics
Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits...

 sense, and in many cases there is little product differentiation. The major advantages of Marshallian industrial districts arise from simple propinquity of firms, which allows easier recruitment of skilled labour and rapid exchanges of commercial and technical information through informal channels. They illustrate competitive capitalism
Capitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...

 at its most efficient, with transaction costs reduced to a practical minimum; but they are feasible only when economies of scale
Economies of scale
Economies of scale, in microeconomics, refers to the cost advantages that an enterprise obtains due to expansion. There are factors that cause a producer’s average cost per unit to fall as the scale of output is increased. "Economies of scale" is a long run concept and refers to reductions in unit...

 are limited.

Works

  • The Pure Theory of Foreign Trade: The Pure Theory of Domestic Values.
  • Principles of Economics.
  • The Economics of Industry (with Mary Paley Marshall)
  • Industry and Trade.

See also

  • Welfare definition of economics
    Welfare definition of economics
    The welfare definition of economics is an attempt by Alfred Marshall, a pioneer neoclassical economist, to redefine his field of study. This definition expands the field of economic science to a larger study of humanity. Specifically, Marshall's view is that economics studies all the actions that...

  • Marshall Jevons
    Marshall Jevons
    Marshall Jevons is a fictitious crime writer invented and used by William L. Breit and Kenneth G. Elzinga, professors of economics at Trinity University, San Antonio and the University of Virginia, respectively....

    , a pseudonym
    Pseudonym
    A pseudonym is a name that a person assumes for a particular purpose and that differs from his or her original orthonym...

     partly derived from Marshall's name
  • The Age of Marshall: Aspects of British Economic Thought - 1890-1915] by Narmadeshwar Jha, London: F. Cass, 1973

External links