Here’s the next video from my history of economic thought course, on Alfred Marshall.
[vimeo 71441068 w=500 h=281]
Alfred Marshall and the Neoclassical Synthesis from Lynne Kiesling on Vimeo.
Alfred Marshall was one of the most important economists shaping the field as we practice it today. By synthesizing the classical economics focus on production and costs with the new marginal utility theory of value and the concept of subjective utility, Marshall created the neoclassical synthesis. He also formalized elasticity, the theory of the firm, and welfare analysis.