Alfred Marshall's work on supply and demand laid the foundation for neoclassical economics from "summary" of The Worldly Philosophers by Robert L. Heilbroner
Alfred Marshall's groundbreaking work on supply and demand in economics marked a significant turning point in the evolution of economic thought. By developing the concept of supply and demand as the driving forces behind market prices, Marshall laid the foundation for what would later become known as neoclassical economics. Marshall's focus on the interaction between supply and demand was a departure from the classical economists who had come before him. While the classical economists viewed value as being determined by the amount of labor required to produce a good, Marshall recognized that value was also influenced by consumer preferences and the availability of goods i...
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