Tuesday, November 25, 2014
Alfred Marshall, Early Theorist Of Economic Development
All Alfred Marshall books here.
The English economist Alfred Marshall (1842-1924) was the founder of the "new economics." He rejected the traditional definition of economics as the "science of wealth" to establish a discipline concerned with social welfare.
In 1890 Marshall's Principles of Economics was welcomed enthusiastically by economists and a popular audience as a revolutionary work in economics.
The content and method of Marshall's economics were largely original, but his basic assumptions were derived from the 19th-century belief that social reform depended initially upon the reform of character. He never doubted that every man sought his own, or at least his children's, best interest; that "work" purified human nature, stimulating personal and social progress; or that capitalism would be inherently progressive if it was made more efficient.