ALFRED MARSHALL

Date: 2015-10-07; view: 581.

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UNIT 2

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Decision, influential, London, pressure, scholarship, initially, knowledge, equation, acceptance, succeeding generation. supply, equilibrium.

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Mathematics (математика), economist (экономист), neoclassical (неоклассический), ambitions (амбиции), seriously (серьезно), concentrate (сосредоточиться, сконцентрироваться), principle (принцип, основа), classical idea (классическая, традиционная идея), political economy (политическая экономия), position (позиция), Principles of Economics (основы экономики, экономические принципы), publish (публиковать), leading economist (ведущий, влиятельный экономист), Student of economics ( студент, изучающий экономику), fact (факт).

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The decision to study mathematics instead of theology may have given the world one of its most brilliant and influential economists. Alfred Marshall, who is credited with founding the neoclassical school of economics, was born in London in 1842. Despite intense pressure from his ambitious father, Marshall declined a theological scholarship to Oxford and instead worked toward a master's degree in mathematics at Cambridge. After receiving his degree in 1865, he remained at Cambridge to teach mathematics, and it was then that he began seriously to study economics. Holding in high esteem the classical writers in economics, such as Adam Smith and David Ricardo, Marshall initially concentrated on using his knowledge of mathematical principles to reinforce the tenets of the classical school. His first effort was to translate into mathematical equations the text of John Stuart Mill's Principles. As his ideas gained acceptance, Marshall's influence grew, and in 1885 he was appointed to the Chair of Political Economy at Cambridge. He retained this position for nearly 25 years.

In his ground-breaking Principles of Economics, published in 1890, Marshall established the foundation for the now-dominant neoclassical school of economics, and in so doing set forth many of the principles that underlie contemporary microeconomic theory. Through his teachings and writings Marshall influenced many of the leading economists of succeeding generations, and 100 years later his Principles text still has much to offer the Student of economics. As you study supply and demand, elasticity, equilibrium, the short run, and the long run, reflect on the astonishing fact that each of these concepts originally was articulated by one man: Alfred Marshall.