Alfred Marshall

Alfred Marshall is the father of neoclassical economics. His 'Principles of Economics' introduced the supply and demand diagram that is now the first thing every student learns in an economics class. Marshall formalized the concepts of marginal utility and price elasticity, providing the tools that define modern microeconomics. His focus on partial equilibrium analysis allowed economists to study specific markets in detail.

While his work is over a century old, his framework remains the standard for analyzing market behavior, making him one of the most enduring figures in the history of the discipline.