Alfred Marshall is one of the great economists of history. His work allowed economists to forecast price changes by observing supply and demand.
Below is an excerpt from a biography of Alfred Marshall included with our books.
The birth date of Alfred Marshall’s birth was recorded on July 26 1842 at Clapham, England. Marshall attended Merchant Taylors’ School. He was educated at St John’s College in Cambridge.
Marshall became the first principal at University of Bristol in 1877. He returned to Cambridge through a brief period at Balliol College, Oxford during 1883–1884.
Marshall was elected to a fellowship at St John’s College at Cambridge in 1865 and became lecturer in the moral sciences in 1868. In 1885 he became professor of political economy at Cambridge until his retirement in 1908.
Marshall founded the “Cambridge School” which focused on to increasing returns, the theory of the firm, and welfare economics. After his retirement, leadership was passed to Alfred Pigou and John Maynard Keynes, two of his students at Cambridge.
Marshall’s academic legacy was creating a scientifically founded profession for economists in modern society.
Marshall died on 13 July 1924 at age 81 in Cambridge. He is buried in the Ascension Parish Burial Ground in Cambridge.
The Marshall Library of Economics and The Marshall Society at Cambridge University were named for him. His home, Balliol Croft, was renamed Marshall House in 1991 in his honor when it was bought by Lucy Cavendish College, Cambridge.