Who was Alfred Marshall?

Alfred Marshall (1842-1924) was a prominent British economist known for his contributions to microeconomic theory and for laying the foundations of modern economics. He is best known for his work "Principles of Economics," published in 1890, which introduced key concepts such as supply and demand, consumer surplus, and the elasticity of demand. Marshall also played a significant role in the development of the field of welfare economics and was a key figure in the establishment of the Cambridge School of Economics. His ideas have had a lasting impact on economic theory and policy.