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...
Similar Posts
Antitrust enforcement can hinder economic growth
The idea that antitrust enforcement can impede economic growth is a key theme in discussions surrounding antitrust policy. Prop...
Thomas Piketty's analysis of wealth inequality has sparked renewed interest in the role of capitalism in society
Thomas Piketty's groundbreaking analysis of wealth inequality has reignited discussions about the impact of capitalism on socie...
People respond to changes in incentives
Incentives play a crucial role in shaping human behavior. When the cost of doing something decreases, people are more likely to...
Antitrust should protect consumer interests
Antitrust laws should be designed to protect consumer interests. The ultimate goal of antitrust is to promote consumer welfare ...