Principles of Economics. Vol. I [all published].

Principles of Economics. Vol. I [all published].

First edition of the first full exposition of Marshall's theoretical position, the work described by Keynes as inaugurating the modern age of British economics. Running to 750 pages with a hefty book block, Principles is rare in the original cloth. This copy is in exceptional condition. The Principles refines and develops the various strands of economic science since Adam Smith. By so doing, Marshall inaugurates the transition from classical to neo-classical economics. Schumpeter writes that "Marshall's great work is the classical achievement of the period, that is, the work that embodies more perfectly than any other, the classical situation that emerged around 1900" (p. 834). Many of the principles outlined here are now standard in the discipline, including the laws of supply and demand with price as their intersection. His basic economic unit of the "rational economic man", the consumer as a rational actor calculating their utility for each transaction, is enduring - as is his use of tables and diagrams to explain pure economic theory. Though aspects of Marshall's principles have been rejected and modified, his fundamental vision of the principles of economics has not. His recognition of the need to consider the social well-being of both individuals and society as a whole laid the groundwork for the discipline of welfare economics as established by his student, Arthur Cecil Pigou. Though Marshall maintained for 20 years that this would be followed by a companion volume, none was published. Octavo. Original green cloth, spine lettered and ruled in gilt, covers ruled in blind, green endpapers. Housed in a green half morocco box by the Chelsea Bindery. Pencilled ownership signature of F. R. Cowell, dated 1948, to half-title. A spot of wear to corners, else a fine copy. Artikel-Nr. 178405

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