Principles of Economics

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Alfred Marshall was a pivotal figure in the development of neoclassical economics, aiming to enhance the discipline's mathematical precision while ensuring it remained accessible. His seminal work, "Principles of Economics," published after years of dedication, became a cornerstone of economic education in English-speaking countries. It introduced key concepts such as consumer surplus and elasticity, effectively integrating supply and demand with production costs and marginal utility. Marshall's goal was to bridge classical and modern value theories, leaving a lasting impact on economic thought.