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Alfred Marshall

Alfred Marshall was an English economist counted among the greatest economists of all time. He authored the very famous book ‘Principles of Economics’ which was the most prescribed textbook in economics in England for many years. Even though his works covered a wide range of fields in economics, his specialty was microeconomics. He was the one who emphasized on the concept of price elasticity of demand, a very important concept in the study of demand and supply of goods. One of the dominant economists of the early 20th century, it is remarkable that many concepts of the Marshallian framework are still considered relevant in the 21st century in spite of the tremendous progress economic science has made over the century.