So I recently finished an audiobook about Alfred Marshall, a British economist who lived from 1842 to 1924. This audiobook was called “Alfred Marshall and Neoclassicism.” As its title implies, it's also about an economic tradition called “neoclassicism” that Marshall helped to found. I knew almost nothing about him before I listened to this audiobook about his work; although I had heard of the neoclassical school of economics before, and already had respect for it.
I don't recall having heard Marshall's name before I graduated, although it's possible I might have done so. His views on the role of government in the economy actually make sense to me; since he believed that it should play some role in the economy, but was nonetheless a free-market economist who believed in limits on the power of government. This makes him similar in many respects to Adam Smith and other classical economists. The classical economists had a great influence on Alfred Marshall, and on the other neoclassical economists that came after them (their political conclusions about issues like capitalism being similar in many ways).
Alfred Marshall
The biggest difference between them, I think, is that the neoclassical folks like Marshall brought more sophisticated math to the table; which was not used in Adam Smith's time. Most of their innovations are in the equations that they modeled reality with, which did much to advance the cause of economic science. If you've ever taken a microeconomics class, you've most likely seen at least some of their math (and perhaps much of it); and their important ideas about “marginal utility” and “costs of production” as well. The discipline of microeconomics, in general, is dominated by neoclassical ideas today. Nonetheless, Marshall and other neoclassicists believed that economics should be as accessible as possible to people outside of the field, and stripped of the math when discussed with laypeople. And not just because it could better influence public policy in this way, although its accessibility does have that added advantage.
Supply and demand graph by Alfred Marshall
I wouldn't recommend this audiobook to everyone nonetheless, I should be clear; since even though it doesn't use any math in it, it's still pretty technical stuff. Nonetheless, I'm glad that I listened to this audiobook anyway; because it taught me something about the history of economics. (I'm glad that neoclassicists are still around today.)
See also
Part of the audiobook series
Great Economic Thinkers
Alfred Marshall and Neoclassicism
See also the audiobook series
Secrets of the Great Investors
Others to be covered later
See also the audiobook series
The Giants of Political Thought
Others to be covered later
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