Principles of Economics / Edition 1

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British economist Alfred Marshall (1842-1924) was one of the founders of the "neoclassical" school in which economists studied both wealth and human behavior to understand why we make the choices we do. First published in 1890, Principles of Economics stands as Marshall's most influential work. This abridged edition offers a general introduction to the study of economics, dealing mainly with normal conditions of industry, employment, and wages. It begins by isolating the primary relations of supply, demand, and price in regard to a particular commodity. Following his study of science, history, and philosophy, Marshall argues that, while fragmentary statistical hypotheses are used as temporary aids to dynamic economic concepts, the central idea of economics must be that of a living force and movement, and its main concern must be with human beings who are impelled, for better or worse, to change and progress.

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Product Details

  • ISBN-13: 9781573921404
  • Publisher: Prometheus Books
  • Publication date: 5/28/1997
  • Series: Great Minds Series
  • Edition description: ABR
  • Edition number: 1
  • Pages: 319
  • Lexile: 1340L (what's this?)
  • Product dimensions: 5.40 (w) x 8.40 (h) x 0.75 (d)

Meet the Author

Alfred Marshall (1842-1924), widely regarded as the doyen of modern economics and the founder of the Neo-Classical School of Economics, is best known for revolutionizing the way economics is taught. Marshall’s magnus opus Principles of Economics was first published in 1890 to world-wide acclaim and it cemented his reputation as one of the leading economists of his time.
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Table of Contents

Preface to the First Edition
Preface to the Eighth Edition
The Substance of Economics 14
Economic Generalizations or Laws 29
The Order and Aims of Economic Studies 38
Wealth 54
Production. Consumption. Labour. Necessaries 63
Income. Capital 71
Wants in Relation to Activities 86
Gradations of Consumers' Demand 92
The Elasticity of Wants 102
Choices between Different Uses of the Same Thing. Immediate and Deferred Uses 117
Value and Utility 124
Introductory, On Markets 139
Temporary Equilibrium of Demand and Supply 147
Equilibrium of Normal Demand and Supply 153
The Investment and Distribution of Resources 167
Equilibrium of Normal Demand and Supply, Continued. with Reference to Long and Short Periods 179
Joint and Composite Demand. Joint and Composite Demand. Joint and Composite Supply 197
Prime and Total Cost in Relation to Joint Products. Cost of Marketing. Insurance against Risk. Cost of Reproduction 210
Marginal Costs in Relation to Values. General Principles 219
Marginal Costs in Relation to Values. General Principles, Continued 229
Marginal Costs in Relation to Agricultural Values 241
Marginal Costs in Relation to Urban Values 256
Equilibrium of Normal Demand and Supply, Continued, with Reference to the Law of Increasing Return 271
Theory of Changes of Normal Demand and Supply, in Relation to the Doctrine of Maximum Satisfaction 278
The Theory of Monopolies 293
Summary of the General Theory of Equilibrium of Demand and Supply 312
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