This abridged edition of Alfred Marshall's masterwork contains the principle six books in full.
Initially published in 1890 and undergoing subsequent revisions as economic theory was refined and improved, Principles of Economics was for decades the cornerstone of economics education, being a staple text for university courses decades after its author's death in 1924. In all, the work comprises of six distinct books, together with thirteen appendixes covering various topics.
Much of the theory within the book remains current, with recognisable topics such as supply and demand, price elasticity, the necessities of the economy, and the nature of value all represented. Each point made is divided into distinct numbered portions, allowing the reader to absorb and memorise the knowledge imparted. Both macroeconomic and microeconomic topics are discussed, with Marshall's emphasis generally upon the former.
Ample reference is made to earlier economists of the 18th and 19th centuries such as Adam Smith and David Ricardo, with the theories of each analysed and expounded upon considerably. Some excursion is made into business theory, with the ideas of production and its costs, and the notion of the monopoly, much explored.
For its enormous size and scope, Principles of Economics maintains an unusual degree of readability. Alfred Marshall was an experienced and professional educator who both studied and taught at the English universities of Oxford, Cambridge and Bristol. Marshall's strong accustom to teaching economics in a manner in which students could swiftly understand and assimilate its ideas finds itself represented in this book, which minimises the theoretically cumbersome in a manner arguably unequalled to this day.
Principles of Economics is therefore an exceptional manual, ideal for reference by students, scholars and enthusiasts of economics. While portions have been outdated in the time since its publication, few works of economics approach its magnitude, attention to detail, and accessibility.
