Parson of Economics

The Parsons of Economics refers to the influential economist Alfred Marshall, who is often considered one of the founders of modern microeconomics. Marshall introduced key concepts like supply and demand, marginal utility, and elasticity, which help explain how consumers and producers make decisions. His work laid the foundation for analyzing how prices are determined in markets and how resources are allocated efficiently. Overall, Marshall's contributions shaped economic theory, making it more precise and applicable to real-world situations, bridging the gap between abstract theory and practical economics.