Graph sowing the principle of Malthus’ theory of population. (Graph by Jan Oosthoek, Environmental History Resources) In June 1798, an English vicar penned two sentences that in many ways defined the problem economists have tried to solve ever since. “Population,…
Tag: Alfred Marshall
Nine reasons not to study economics
1 It’s not a science. Economists present themselves as champions of a discipline with the rigour of physics. The models you’ll learn about are presented algebraically and will borrow from real sciences, particularly hydraulics. But the material of economics isn’t…
Keir Starmer and the end of the Fabian dream
In the short-run we may all be dead: defining the principles of Covidnomics
In 1890, Cambridge Professor Alfred Marshall published Principles of Economics, considered the first complete economics text book. Arguably, it’s the source of everything the discipline comprises. Marshall’s key idea was distilled into a graph where demand and supply curves intersected…
If price doesn’t work in service economies, you need a robust theory of value
On Wednesay, a comment by Professor John Kay in the FT about the frustration among students of economics called for the profession to address key issues rather than technical models. But what is the key issue economics should address? Followers…