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

Economist - Assignment ExampleMarshall started with metaphysics, specifically the philosophical foundation of knowledge, especially 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 because economics played an substantial 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 mentation 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 Economics (1881), Marshall brought out the ideas of add on and necessity, 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 welfare both consumer surplus and maker surplus. He developed the standard demand and supply graph which demonstrates a number of basics that regards demand and supply including market equilibrium, law 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 only be explained in linguistic communication can now be represented visually with the help of this model. Marshalls models are now critical throughout the study of economics plainly because they allow fundamentals or theories being explained to be represented clearly and concisely (Marshall & Palgrave Connect, 2013).Marshall had a vision of dramatic social change which involves the sourish reduction of inequality and the elimination of povert y. He saw that it was