politcal thought

Alfred Marshall

Alfred Marshall is considered to be one of the most influential economic teachers in the neoclassical school of thought. He researched and expanded upon previous economic philosophies that came from the classical school of thought. Marshall’s thoughts and contributions are still used today to examine current economic issues.
One of the major ideas that stemmed off of Marshall’s thoughts was the theory of marginal utility. Marshall states: “The marginal utility of a thing to anyone diminishes with every increase in the amount of it he already has” (p.297). In this quote Marshall focuses on the law of diminishing marginal returns. There were two important factors in analyzing this law. Firstly, he was concerned with the moment in time. In time, when a person consumes a good or service, after a while their tastes will inevitably change. An example of this is in a television show like, Seinfeld. The more one watches this shows and appreciates its grea...