Alfred Marshall (Industrial economist)

Alfred Marshall was a prominent British economist, known for his influential work in the late 19th and early 20th centuries. He introduced concepts like supply and demand, and elasticity, which analyze how products are priced based on consumer behavior and market competition. His textbook, "Principles of Economics," helped lay the foundations for microeconomics. Marshall also emphasized the importance of industry clusters, where businesses in similar fields benefit from proximity. His ideas shaped economic thought and policy, highlighting the interplay between markets and social issues, thereby influencing modern economics significantly.