Principles Of Economics

• ISBN13: 9788124805541
• Binding: Paperback
• Subject: Economics
• Publisher: Atlantic Publishers & Distributors (P) Ltd
• Publisher Imprint: Peacock Books
• Publication Date: September 11, 2024
• Pages: 1020
• Original Price: INR 795.0
• Language: English
• Edition: N/A
• Item Weight: 900 grams
• BISAC Subject(s): N/A

“The most valuable of all capital is that invested in human beings”

Principles of Economicsby Alfred Marshal is a foundational text that continues to shape our understanding of economic theory. First published in 1890, Marshall's magnum opus revolutionised the field by compiling key concepts such as supply and demand, marginal utility, cost of production and distribution, which became the cornerstones of contemporary microeconomics and continue to influence modern business strategy. Inspiring generations of economists and students alike, the book remains as relevant today as it was over a century ago, acting as an indispensable guide for those seeking a profound understanding of the principles that govern our economic world.

“Its publication revolutionized economic thought...”

—The Times

“… at once recognised as marking a new era in constructive economics.”

—Manchester Guardian

Alfred Marshall (1842–1924) was a pioneering British economist whose work, Principles of Economics (1890), profoundly influenced the development of modern economic thought. Born in London, England, Marshall studied mathematics and economics at St. John’s College, Cambridge, where he later became a lecturer. Renowned for his rigorous analytical approach, he introduced the key concepts of supply and demand, marginal utility and the theory of the firm, shaping the foundations of neoclassical economics. Marshall played a pivotal role in establishing economics as a separate discipline within universities and influenced public policy through his consultancy work for the British government. His enduring legacy lies not only in his scholarly achievements but also in his dedication to connecting theory with practical applications, emphasising the importance of understanding real-world economic phenomena. Widely regarded as one of the most influential economists of the late 19th and early 20th centuries, Marshall's insights continue to shape economic theory, informing contemporary debates on market dynamics, welfare economics and industrial organisation. His commitment to empirical research and interdisciplinary inquiry remains an enduring inspiration for economists and scholars worldwide.

• The Economics of Industry (with Mary Paley Marshall) (1879)
• The Pure Theory of Foreign Trade: The Pure Theory of Domestic Values (1879)
• Principles of Economics (1890)
• Industry and Trade (1919)
• Money, Credit and Commerce (1923)"

• Preface to the First Edition……..v
• Preface to the Eighth Edition………..xi
• Introduction…….xxi
• VOLUME I
BOOK I. PRELIMINARY SURVEY
• 1. Introduction ………3
• 2. The Substance of Economics……….16
• 3. Economic Generalizations or Laws……….31
• 4. The Order and Aims of Economic Studies……….40
BOOK II. SOME FUNDAMENTAL NOTIONS
• 1. Introductory…………53
• 2. Wealth…………. 58
• 3. Production, Consumption, Labour, Necessaries…………….68
• 4. Income-Capital ……………….77
BOOK III. ON WANTS AND THEIR SATISFACTION
• 1. Introductory……91
• 2. Wants in Relation to Activities …..94
• 3. Gradations of Consumers' Demand ……100
• 4. The Elasticity of Wants…….. 111
• 5. Choice Between Different Uses of the Same Thing. Immediate and Deferred Uses…127
• 6. Value and Utility….. 134
BOOK IV. THE AGENTS OF PRODUCTION- LAND, LABOUR, CAPITAL AND ORGANIZATION
• 1. Introductory…..151
• 2. The Fertility of Land……. 157
• 3. The Fertility of Land, Continued, The Tendency to Diminishing Return…. 163
• 4. The Growth of Population….. 188
• 5. The Health and Strength of the Population…… 209
• 6. Industrial Training…….220
• 7. The Growth of Wealth……..236
• 8. Industrial Organization…… 257
• 9. Industrial Organization, Continued, Division of Labour, The Influence of Machinery…..267
• 10. Industrial Organization, Continued. The Concentration of Specialized Industries in
• Particular Localities…….. 284
• 11. Industrial Organization, Continued. Production on a Large Scale…….. 296
• 12. Industrial Organization, Continued,Business Management…… 310
• 13. Conclusion. Correlation of the Tendencies to Increasing and to Diminishing Return …….334
BOOK V. GENERAL RELATIONS OF DEMAND, SUPPLY, AND VALUE
• 1. Introductory: On Markets………..345
• 2. Temporary Equilibrium of Demand and Supply.... 353
• 3. Equilibrium of Normal Demand and Supply......... 359
• 4. The Investment and Distribution of Resources....... 373
• 5. Equilibrium of Normal Demand and Supply, Continued, with Reference to Long and Short Periods………. 386
• 6. Joint and Composite Demand, Joint and Composite Supply…………. 404
• 7. Prime and Total Cost in Relation to Joint Products, Cost of Marketing, Insurance Against Risk, Cost of Reproduction….. 418
• 8. Marginal Costs in Relation to Values, General Principles…….. 427
• 9. Marginal Costs in Relation to Values, General Principles, Continued………….438
• 10. Marginal Costs in Relation to Agricultural Values…… 451
• 11. Marginal Costs in Relation to Urban Values…….. 467
• 12. Equilibrium of Normal Demand and Supply, Continued, with Reference to the Law of Increasing Return…… 482
• 13. Theory of Changes of Normal Demand and Supply in Relation to the Doctrine of Maximum Satisfaction………. 489
• 14. The Theory of Monopolies………. 504
• 15. Summary of the General Theory of Equilibrium of Demand and Supply……. 524
• VOLUME II
BOOK VI. THE DISTRIBUTION OF NATIONAL INCOME
• 1. Preliminary Survey of Distribution…….535
• 2. Preliminary Survey of Distribution, Continued...... 557
• 3. Earnings of Labour…….. 579
• 4. Earnings of Labour, Continued…… 593
• 5. Earnings of Labour, Continued…… 605
• 6. Interest of Capital…….615
• 7. Profits of Capital and Business Power……..631
• 8. Profits of Capital and Business Power, Continued…….644
• 9. Rent of Land ………665
• 10. Land Tenure ……..674
• 11. General View of Distribution……..698
• 12. General Influences of Economic Progress…….. 707
• 13. Progress in Relation to Standards of Life………729
• APPENDICES
• Appendix A: The Growth of Free Industry and Enterprise…….767
• Appendix B: The Growth of Economic Science……….808
• Appendix C: The Scope and Method of Economics…….829
• Appendix D: Uses of Abstract Reasoning in Economics…..844
• Appendix E: Definitions of Capital……..849
• Appendix F: Barter……..857
• Appendix G: The Incidence of Local Rates, with Some Suggestions as to Policy…..861
• Appendix H: Limitations of the Use of Statical Assumptions in Regard to Increasing Return……877
• Appendix I: Ricardo's Theory of Value……..887
• Appendix J: The Doctrine of the Wages-fund…….899
• Appendix K: Certain Kinds of Surplus……..910
• Appendix L: Ricardo's Doctrine as to Taxes and Improvements in Agriculture………915
• Mathematical Appendix ……922
• Index …..952