Is it all in Marshall, still? An appreciation of Marshall’s contribution to modern economics

Abstract

This Special Issue of the Cambridge Journal of Economics marks the centenary of the death of Alfred Marshall (1842-1924), a founding father of modern economics. The publication of Marshall's (1890) Principles of Economics is widely acknowledged as having shaped the teaching of economics and economic research in the twentieth century. The Principles helped formalise the discipline and establish the marginalist turn in economics. It is still regarded by many as the foundation stone of neoclassical economics. Yet, as a scholar, Marshall was full of apparent contradictions. Throughout his writings he sought to maintain continuity with the classical tradition of Smith, Ricardo and Marx, while anticipating or developing ideas critical to it, notably in the theory of value and distribution. Marshall subjected the key extant and hitherto non-formalised ideas in mathematical language, and yet he was dismissive both of mathematical formalism, and the notion that economics should be modelled along the lines of sciences such as physics. Instead, Marshall emphasised the social and communitarian elements of production, markets and industrial districts, and famously viewed economics as the 'study of man in the ordinary business of life' (Marshall, 1890/2011. Principles of Economics, Book 1, Chapter II, p. 35). He appreciated interdisciplinary perspectives and would often explore interests in sociology and philosophy. This Editorial opens with a portrait of Marshall's life and times to provide context for his intellectual contributions. It then focuses on some of his less-explored contributions to economics, which are gradually acquiring more interest and importance. It then introduces the papers in the Special Issue, before concluding with some critical reflection on the contemporary relevance of Marshall for policy and areas for scholarly development.

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