Who Was Alfred Marshall- #shorts #economics #explained #learning #knowledge #biography

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00:00Alfred Marshall, one of the great distinguished academics and an absolute trailblazer in the

00:04field of economics. His renowned book, The Principles of Economics, revolutionized the

00:09economy of England for years to come. The powerful publication introduced concepts like supply and

00:14demand, margin utility, and production costs into one unified body of work. After suffering from an

00:20unexpected mental crisis, he set aside his studies in physics and turned to philosophy instead,

00:25eventually leading him to his passion for economics. In 1885, he began teaching political

00:30economy at Cambridge University, where he remained for the next 23 years. During that time, he founded

00:35the Cambridge School, which focused on increasing returns, firm theory, and welfare economics,

00:40later inspiring such famous economists as Arthur Cecil Pagot and John Maynard Keynes. Marshall

00:46passed away as an icon of economic thought at the age of 81. His legacy still lives on today as the

00:51Marshall Library of Economics at Cambridge University and the Bristol Economics Department are both named

00:57after him.

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