Intro To Alfred Marshall
Where was Alfred Marshall born?
London, England
What is the title of Alfred Marshall's most famous work?
Principles of Economics.
What would Marshall advocate for to combat market dominance in various sectors of the economy?
Measures promoting competition
What does Marshall's concept of elasticity of demand measure?
Responsiveness of consumers to price changes
When was Alfred Marshall born?
1842
What subject did Alfred Marshall study at Cambridge University?
Mathematics
What concept did Marshall introduce to economics, emphasizing responsiveness
Elasticity.
What measures might Marshall propose to address market failures?
Targeted regulations and interventions
What term did Marshall introduce to describe the surplus benefits gained by consumers?
Consumer Surplus
Where did Marshall study mathematics?
Cambridge University
What groundbreaking concept did Marshall introduce in his book "Principles of Economics"?
Elasticity of Demand
What did Marshall encourage in public markets?
Competitive nature.
What role might Marshall emphasize for government intervention in promoting inclusive growth?
Reducing income inequality
What critique do neoclassical economists often level against Marshall's approach regarding consumer behavior?
critique Marshall's approach for not fully accounting for changes in income.
What is one of Marshall's seminal works that introduced a groundbreaking concept?
"Principles of Economics"
What foundational principles did Marshall emphasize in economics?
Marginal analysis and equilibrium
What is Marshall's significant contributions to the theory of consumer behavior.
consumer surplus
What could Marshall suggest to ensure that economic growth benefits all segments of society?
Policies promoting equitable distribution of benefits
What criticism do neoclassical economists have regarding Marshall's framework?
Lack of precise mathematics for accurate measurement
What were the three key economic questions that Marshall focused on?
What, how, and for whom goods are produced
What key economic questions did Marshall address in his work?
What, how, and for whom goods are produced
What topic did Marshall outline his views on industrial organization and the role of the entrepreneur?
Industry and Trade
What might Marshall advocate for to promote competition in the economy?
Strengthening antitrust regulations
According to Marshall, what should policies aim to achieve in terms of economic growth?
A balance between economic efficiency and social welfare
Who was the mentor of Alfred Marshall?
William Hopkins