December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Markets and firms
KEY THINKER
Alfred Marshall (1842–1924)
BEFORE
1844 Jules Dupuit, a French engineer, originates the idea of consumer surplus—a measurement of welfare that can be used to assess the impact of competition.
1861 John Elliott Cairnes clarifies the logic of J. S. Mill’s and David Ricardo’s theories of competition.
AFTER
1921 Frank Knight develops the notion of perfect competition.
1948 Friedrich Hayek’s Individualism and Economic Order attacks Marshall’s view of perfect competition.
In the late 18th century Adam Smith wrote about the impact of competition on firms’ abilities to set prices and make profits above a “natural” level. ...
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