Alfred Marshall

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Alfred Marshall. 1 connected concept: Cost-of-production theory of value (related to).

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Community · Cost-of-production theory of value

Summary

Alfred Marshall was an English economist and one of the most influential economists of his time.

16 words

Connections1

synthesizer of cost and utility
Marshall attempted to reconcile the cost-of-production theory with the subjective theory of value by using the 'scissors' analogy, where both supply (costs) and demand (utility) determine price.
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Facts