Principles of Economics (8th ed.)

This is the 8th edition of what is regarded to be the first “modern” economics textbook, leading in various editions from the 19th into the 20th century. The final 8th edition was Marshall’s most-used and most-cited.

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Citation

Principles of Economics (London: Macmillan and Co. 8th ed. 1920).

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Related People

William Stanley Jevons (Author)

One of the founders of marginal utility theory, which shaped Marshall’s ideas on demand.
Carl Menger (Author)

Founder of the Austrian School, focusing on subjective value and marginal analysis.
Léon Walras (Author)

Introduced general equilibrium theory, contrasting with Marshall’s partial equilibrium approach.
Adam Smith (Author)

The cornerstone of economic thought, introducing the invisible hand, division of labor, and market efficiency.
David Ricardo (Author)

Developed comparative advantage and rent theory, influencing Marshall’s views on cost structures.

Critical Responses

Book

Foundations of Economic Analaysis

Paul Samuelson

Samuelson’s classic text brings mathematical rigor to economic theory, formalizing concepts Marshall introduced.

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Essay

Free Trade’s Origin Myth

Oren Cass

American elites-and perhaps Alfred Marshall- accepted the economic theory of “comparative advantage” mainly because it justified their geopolitical agenda.

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Connected Readings

Neoclassical Economics

E. Roy Weintraub

The Concise Encyclopedia of Economics

In the 19th century, the classical “substance” theories of value, which took value to be a property inherent in an object, gradually gave way to a perspective in which value was associated with the relationship between the object and the person obtaining the object. Several economists in different…

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Liberty Matters

On the Origin of the Supply-and-Demand Graph

Donald J. Boudreaux

Donald Boudreaux digs into the graph that Marshall made famous in his “Principles.”

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