Question

Argue the pros and cons of the statement that Alfred Marshall is the progenitor of the standard neoclassical paradigm.

Answer 1

Welfare meaning of Economics by Alfred Marshall (1842-1924) drove the Neo-classical school. Alfred Marshall gave financial matters a respectable place among other sociologies. In his book "Principles of Economics" distributed in 1890, has characterized financial matters in these terms, "Financial matters is an investigation of humanity in the customary business of life. It inspects that piece of individual and social activity which is most firmly associated with the achievement and utilization of material imperatives of prosperity". This meaning of financial matters by Alfred Marshall neoclassical market analyst obviously call attention to that financial matters is on the one side an investigation of riches and on the other and more essential side a piece of investigation of man.

Some pros of Alfred’s theory can be counted by saying that he set the pace of economics in the world by saying economics is a social science which is not about studying behaviour of individuals but also the actions of persons living in the society. Alfred Marshall stated that economics studies only material conditions of well being.

With the pros about his idea of economics, there existed some cons as well which is explained below:

1. The theory of Alfred marshal about theoretical nature is impractical in present world.
2. By using the word, “material “in Marshall Theory actually narrows down the concept of economics. There are other non-material things which do affect human welfare.