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
Man is the centre of the economic universe.
The theory of value is the cornerstone of economics.
Economic progress is not merely a matter of accumulating wealth, but of improving the quality of life.
The law of diminishing returns applies to all productive processes.
In the long run, all costs are variable.
The consumer's surplus is a measure of the benefit derived from exchange.
Economics cannot be a science unless it is based on facts.
The division of labor is limited by the extent of the market.
Rent is the payment for the use of land.
Profit is the reward of risk.
The elasticity of demand measures the responsiveness of quantity demanded to price changes.
Human nature is the same everywhere; the differences are in institutions.
The study of economics is the study of human behavior under scarcity.
Wealth is not an end in itself, but a means to human happiness.
The market is a mechanism for coordinating individual actions.
Economic laws are tendencies, not absolutes.
The growth of population increases the demand for goods.
Innovation is the mother of economic progress.
The role of the state in economics is to remove obstacles to free enterprise.
True wealth lies in the productive power of the people.