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RG

IN CONTEXT

FOCUS

Theories of value

KEY THINKER

Alfred Marshall (1842–1924)

BEFORE

c.1300 Islamic scholar Ibn Taymiyyah publishes a study of the effects of supply and demand on prices.

1691 English philosopher John Locke argues that commodity prices are directly influenced by the ratio of buyers to sellers.

1817 British economist David Ricardo argues that prices are influenced mainly by the cost of production.

1874 French economist Léon Walras studies the equilibrium (balance) in markets.

AFTER

1936 British economist John Maynard Keynes identifies economy-wide total demand and supply.

Supply and demand are among the fundamental building blocks of economic ...

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