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Transcript
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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