Economist Assignment Example | Topics and Well Written Essays - 1000 words

Economist - Assignment Example marshall started with metaphysics, specifically the philosophical foundation of knowledge, oddly in relation to theology. The Metaphysics led Alfred to ethics, specifically a Sidgwickian version of utilitarianism ethics, on the other hand, led Alfred to economics. This was so beca utilization economics played an essential role in the provision of the preconditions for the improvement of the working class. Marshalls ethical views continued to be a dominant force in his thinking even though he turned to economics (Marshall & Palgrave Connect, 2013).During his time, Marshall was viewed as the most influential economist. In his book Principles of economic science (1881), Marshall brought out the ideas of supply and demand, marginal utility and cost of production into a single whole. As an extension to what he had done, he brought up the elasticity price of demand. He in addition, contributed to the economic public assistance both consumer surplus and pro ducer surplus. He developed the standard demand and supply graph which demonstrates a number of basics that regards demand and supply including market equilibrium, uprightness of diminishing returns, supply and demand curves, law of marginal returns, interrelationship between price and quantity with respect to demand and supply, and the ideas of producer and consumer surpluses (Marshall & Palgrave Connect, 2013). Economists now use this model in various forms using different variables in demonstrating several other economic principles. Ideas and theories that could exactly be explained in words can now be represented visually with the help of this model. Marshalls models are now critical throughout the study of economics simply because they allow basics or theories being explained to be represented clearly and concisely (Marshall & Palgrave Connect, 2013).Marshall had a vision of striking social change which involves the sharp reduction of inequality and the elimination of povert y. He saw that it was