"Principles of Economics" delves into the complex interactions between consumers and producers, the dynamics of markets, and the distribution of income and wealth. Marshall introduced concepts that have become fundamental to economics, such as the marginal utility and the elasticity of demand. His work is notable for synthesizing classical and marginalist theories, advocating for the use of mathematics to express economic principles while also emphasizing the importance of historical and social context in economic analysis.
Published by: Loudly