The macadamized roads and the improved shipping of the eighteenth century broke up local combinations and monopolies, and offered facilities for the growth of others extending over a wider area: and in our own age the same double tendency is resulting from every new extension and cheapening of communication by land and sea, by printing-press and telegraph and telephone.
Marshall's influence on modifying economic thought is difficult to deny.
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He popularized the use of supply and demand functions as tools of price determination previously discovered independently by Cournot ; modern economists owe the linkage between price shifts and curve shifts to Marshall. Marshall was an important part of the " marginalist revolution;" the idea that consumers attempt to adjust consumption until marginal utility equals the price was another of his contributions.
The price elasticity of demand was presented by Marshall as an extension of these ideas.
Economic welfare, divided into producer surplus and consumer surplus , was contributed by Marshall, and indeed, the two are sometimes described eponymously as ' Marshallian surplus. Marshall also identified quasi-rents. From Wikipedia, the free encyclopedia. An automated process has detected links on this page on the local or global blacklist.
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