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

About this Item

Third, revised edition of the economic classic, the first full exposition of Marshall's theoretical position, and the work which inaugurated the transition from classical to neo-classical economics. The Principles refines and develops the various strands of economic science since Adam Smith. 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. For the third edition, Marshall rewrites and rearranges a number of chapters to explain his analysis more fully. This is particularly significant in the sections on capital and income, which Marshall revises to argue that prevailing definitions of 'capital', as distinct from other forms of wealth, are overly artificial in scope. The first edition was published in 1890. Provenance: William Hugh Mitchell (1861-1962), with his bookplate on the front pastedown and his signature (dated 1896) on the half-title. Mitchell, during his tenure as professor at the University of Adelaide, introduced in 1896 an MA course on the "Principles of Economics". Joseph Schumpeter, History of Economic Analysis, 1954. Octavo. Original green cloth, spine ruled and lettered in gilt, covers ruled in blind, dark green endpapers. Tables and graphs in the text. Light rubbing and wear, minor foxing to endpapers and edges, occasional slight separation within and between gatherings: a very good copy. Seller Inventory # 170610

Contact seller

Report this item

Bibliographic Details