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Principles of Economics (Illustrated), by Alfred Marshall
Ebook Download Principles of Economics (Illustrated), by Alfred Marshall
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The book has an active table of contents for easy access to each chapter.
Marshall is in the row with the greatest economists Adam Smith, David Ricardo, John Keynes, John Locke, Frederic Bastiat, and John Stuart Mill. He coined the important economic concept of price elasticity of demand to quantify consumer sensitivity to price.
His contributions to the theory of cost, Money, Credit and Commerce have become the foundation for the Austrian schools of thought.
Marshall’s approach to pricing using supply and demand also laid the cornerstone work for future generations of economists in developing models to forecast price changes based on the factors inherent in supply and demand.
Principles of Economics written by Marshall improved the mathematical rigor of economics and transformed it into a more scientific profession. Principles of Economics was first published in 1890 and replaced economics textbook Principles of Political Economy written by John Mill as a new standard economics textbook in Cambridge. It ran into many editions and was the standard text for generations of economics students.
The great thoughts about the rent by David Ricardo and Alfred Marshall also strongly influenced Henry George, one of the greatest American economists, to lay the theoretical foundation for the property tax system that is still influencing American economy today.
Marshall’s reasoning still remains as relevant today as it was then. This book is one of the most important ones about the deepest thoughts of economics by Alfred Marshall, one of the greatest thinkers of political economics on the planet.
- Sales Rank: #205212 in eBooks
- Published on: 2012-12-07
- Released on: 2012-12-07
- Format: Kindle eBook
Review
"It is impossible to understand economics in the twentieth century without knowing about Marshall's Principles. The simplicity of his presentation conceals complexities that were not apparent to later generations who picked up on the mathematics whilst ignoring many of the evolutionary ideas that fascinate modern scholars."
Roger E. Backhouse, Professor of the History and Philosophy of Economics, University of Birmingham, UK
"Alfred Marshall's Principles of Economics is an outstanding contribution, one of the foundations of neoclassical economics, and shaped the thought of economists from John Maynard Keynes to Milton Friedman. Every modern economist should make its acquaintaince and should look in admiration at that seminal diagram in which Marshall drew a supply curve intersecting a demand curve. Peter Groenewegen, Marshall's biographer and the greatest living Marshall scholar, has written a new introduction for this edition, drawing on a lifetime of insightful scholarship."
Robert W. Dimand, Professor of Economics, Brock University, Canada
About the Author
Alfred Marshall, a British scholar in New Testament Greek, also wrote the Classified Word Book and A New Testament Greek Primer.
Most helpful customer reviews
46 of 46 people found the following review helpful.
Both reviewers are correct!!!
By Nicos Theocarakis
The other two reviews in this page are both correct but they review different books. Both reviews, however, appear under both items. I would, therefore, keep the ratings of each reviewer for each edition.
The Great Minds Series is indeed abridged and omits crucial material from Marshall's Principles. Marshall put all the mathematical apparatus in the Mathematical Appendix which is omitted in the Great Minds Series. The Porcupine edition is the unabridged edition of Marshall's 1920 8th edition of the Principles. The first edition was in 1890.
There is also a variorum (9th edition) of the Principles edited by C. W. Guillebaud, 2 vols (1961), which is out of print, but it appears as volumes 4&5 in Peter Groenewegen's Collected Works of Alfred Marshall,Thoemmes, 1997. There is also a great free on-line edition in the Library of Economics and Liberty.
The book is by all means a classic. It consolidated neoclassical economics and it was one of the most influential books on economics ever written. Indeed, the very change of the name of economic science from "political economy" to "economics", although not suggested by Marshall, is due to the influence of the Principles.
To understand Alfred Marshall (1842-1924), I would suggest to read John Maynard Keynes's "Alfred Marshall" essay in Essays in Biography (1933) or Peter Groenewegen's magisterial biography "A Soaring Eagle: Alfred Marshall 1842-1924", Elgar,1995.
29 of 30 people found the following review helpful.
The Titan of the Neo-Classics
By Roberto P. De Ferraz
The British economist Alfred Marshall is one of the greatest political economists of all times and this book represents a deep effort to address in an orderly way the many social and economical issues that were at stake at the turn of the 19th to the 20th century. This way of addressing disturbing social questions is an Alfred Marshall trademark.
In this sense, his motto could well be the oft quoted " Natura non facit saltum" , which is Latin for "Nature does not evolves in leaps and bounds", and all things are going to be all right in the future but it will take some time untill they consolidate themselves into a coherent whole, where everyone in this world will have an opportunity to fully develop his natural propensities for love, companionship and free will. His view is helped by the many mathematical formulae he uses to illustrate his points of views, using differential calculus, due to his mathematical background. But the reader has not to worry if he/she is not proficient with this type of mathematical tools, because they are used only as a side-line to the text, which is dense and full of logical thinking in itself. Marshall, despite his mathematical background, didn't judge Mathematics as a fundamental tool to Politcal Economy.
Alfred Marshall is the most influential representant of the minimalist movement called Neo-Classics Economics (Stanley Jevons, Vilfredo Pareto , Karl Menger) and in this capacity is the most notorius proponent of what today is taught and learned in all Economics Schools over the world as Microeconomics, or the economics of particular competitive or non-competitive markets. In some way, he is both the inheritor of the Utilitarian theories of Jeremy Bentham, as of the economics doctrines of David Ricardo and Adam Smith. Also, one of the interesting facets of Marshall is that he had both John Neville Keynes (the father) and John Maynard Keynes (the son) as one of his pupils in Economics.
His knowledge of History and Mathematics is astounding and if he has not reached the status of Keynes or Adam Smith, this is more due to the constraints of the Victorian era in which he wrote this book, and the influences he received, than to any lack of deep understanding of economics realities, which were indeed recognized by John Maynard Keynes himself as fundamental to the latter development he gave to the so-called Dismall Science.
35 of 40 people found the following review helpful.
Watch out! Great book, but this edition is abridged.
By A Customer
Everyone interested in economics should read this book, but this abridged edition excludes Books 4 and 6 and some interesting appendices.
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