Alfred Marshall (July 26, 1842 – July 13, 1924) was a prominent British economist whose work laid the foundation for modern microeconomics. Marshall is best known for his development of the theory of supply and demand, the concept of marginal utility, and his pioneering work on the theory of the firm. His most influential work, Principles of Economics (1890), became a cornerstone of economic education and helped establish economics as a distinct academic discipline.

Marshall’s focus was on the behavior of individual markets and industries, and he introduced the concept of elasticity of demand, which measures how the quantity demanded of a good changes in response to price changes. He also emphasized the importance of understanding the interplay between individual choice and market outcomes, and his work contributed to the development of welfare economics, which examines how the allocation of resources affects social welfare.

As a teacher at the University of Cambridge, Marshall trained several generations of economists and had a significant influence on economic thought, particularly through his ideas on the role of time and adjustment in market processes. His analysis of the economy also included social considerations, and he advocated for policies aimed at improving the well-being of the working class.

Marshall’s work remains influential in economic theory, especially in areas such as microeconomics, welfare economics, and the study of market behavior. His emphasis on the importance of real-world application of economic principles continues to shape economic analysis and policy today.