Alfred Marshall

Alfred MarshallIn existographies, Alfred Marshall (1842-1924) (GEcE:#) (CR:10) was an English economist, generally known for his supply and demand curves, noted for []

Overview
In the econophysics literature, Marshall is oft cited has having employed remote thermodynamic stylized thinking in his economics theories, e.g. the notion that economies achieves an equilibrium state like that described for gases by James Maxwell and Ludwig Boltzmann; or to have used the conservation of energy or the first law in his utility theories. [1] Most of these physics plus economics connections and assertions, however, seem rather tenuous and a stretch, as compared to other economic thermodynamicists.

Quotes | By
The following are quotes by Marshall:

“Just as the motion of every body in the solar system affects and is affected by the motion of every other, so it is with the elements or the problem of political economy.”
— Alfred Marshall (1872), review of Stanley Jevons’ 1871 Theory of Political Economy

See also
Three moral bodies problem | Stanley Jevons

References
1. (a) Daniel, Gilles and Sornette, Didier. (2008). “Econophysics: Historical Perspectives”, in: Encyclopedia of Quantitative Finance (abs), Rama Cont (eds). Wiley, 2010.
(b) Hsieh, Ching-Yao, and Ye, Meng-Hua. (1991). Economics, Philosophy, and Physics (pg. 59). M.E. Sharpe.

Further reading
● Cook, Simon J. (2009). The Intellectual Foundations of Alfred Marshall’s Economic Science (thermodynamics, 7+ pgs). Cambridge University Press.

External links
Alfred Marshall – Wikipedia.

TDics icon ns

More pages