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What innovations did Alfred Marshall add to Microeconomics and where did he just borrow ideas from others? Why is he considered one of the greatest economists of all time?

Answer 1

alfred marshall was one of the greatest economist in his time.(26-07-1842 to 13-07-1924)

his book "principles of economics" is a dominant economics textbook in england for many years.

it brings the ideas of supply and demand and marginal utilitymarshall is considered to be one of the most influential economists of his time, largely shaping mainstream economic thought for the next fifty years, and being one of the founders of the school of neoclassical economics. Although his economics was advertised as extensions and refinements of the work of Adam Smith, David Ricardo, Thomas Robert Malthus and John Stuart Mill, he extended economics away from its classical focus on the market economy and instead popularised it as a study of human behaviour. He downplayed the contributions of certain other economists to his work, such as Léon Walras, Vilfredo Pareto and Jules Dupuit, and only grudgingly acknowledged the influence of Stanley Jevons himself.Principles of Economics established his worldwide reputation. It appeared in 8 editions, starting at 750 pages and growing to 870 pages. It decisively shaped the teaching of economics in English-speaking countries. Its main technical contribution was a masterful analysis of the issues of elasticity, consumer surplus, increasing and diminishing returns, short and long terms, and marginal utility. Many of the ideas were original with Marshall; others were improved versions of the ideas by W. S. Jevons and others.