Alfred Marshall
His 'Principles of Economics' synthesized classical and marginalist theories, introducing concepts like supply and demand curves and consumer surplus.
Quotes by Alfred Marshall
The national wealth is the sum of the values of all the material possessions of a country.
The standard of living is the amount of necessaries, comforts, and luxuries which a person or a family habitually consumes.
The wages of labour are the price paid for the use of labour.
The interest on capital is the price paid for the use of capital.
The rent of land is the price paid for the use of land.
The profits of enterprise are the reward of enterprise.
The entrepreneur is the person who undertakes the risk and management of a business.
The division of labour is the specialization of labour.
The advantages of the division of labour are increased skill, saving of time, and the invention of machinery.
The disadvantages of the division of labour are monotony, loss of skill, and dependence.
The factory system is a system of production in which goods are manufactured in factories by machinery.
The advantages of the factory system are increased production, reduced cost, and improved quality.
The disadvantages of the factory system are monotony, loss of skill, and dependence.
The trade union is an association of workmen for the purpose of maintaining or improving the conditions of their employment.
The advantages of trade unions are increased wages, improved conditions, and protection against oppression.
The disadvantages of trade unions are strikes, restriction of output, and exclusion of non-unionists.
The co-operative movement is a movement for the purpose of promoting the economic interests of its members by means of co-operation.
The advantages of co-operation are increased efficiency, reduced cost, and improved quality.
The disadvantages of co-operation are lack of capital, lack of management, and internal dissensions.
The state is an association of individuals for the purpose of promoting the common good.