The economic theory expounded in this book is regarded as the continuation and development of British classical political economy.
Marshall's most important work is Principles of Economics published in 1890. The neoclassical school with Marshall as the core has been occupying the dominant position of western economics for 40 years.
The core of Marshall's economic theory is the equilibrium price theory, and Principles of Economics is the demonstration and extension of the equilibrium price theory. He believes that the market price depends on the balance of power between the supply and demand sides, just like the wings of scissors, which work at the same time. The main achievement of Principles of Economics lies in the establishment of static economics.
As one of the most talented mathematicians, Marshall tried to express his thoughts in the simplest language in his works, using only quantitative materials of mathematics as appendices and footnotes. He founded the theory of marginal utility himself, but he didn't make it public until he completely incorporated it into his own system.
In Marshall's Principles of Economics, he thinks that political economics and economics are universal. Therefore, "political economics" can not be understood as a discipline that studies both politics and economy, but can also be called "economics" for short.
Marshall's Collection of Economic Theories is an economic masterpiece from the first half of19th century to the end of19th century, which has formed its own unique theoretical system and method and has had a far-reaching impact on the development of modern western economics. ?
Marshall is a professor at Cambridge University and an undisputed leader in the field of British orthodox economics. His Principles of Economics, published in 1890, is regarded as an epoch-making work as well as Smith's The Wealth of Nations and Ricardo's Principles of Taxation.
In the Anglo-Saxon world (English-speaking countries), the concepts of supply and demand and the emphasis on the concept of individual utility have replaced the classical economic system and formed the basis of modern economics.