Smith and Marshall and Wealth and Poverty

Greg Mankiw's recent post on the origins of supply-and-demand analysis -- and his mention of Alfred Marshall's role in the history of making this valuable tool such a central part of economics -- recalled to my mind another interesting feature of Marshall's Principles of Economics. I was going to blog on this other feature when I vaguely remembered doing so earlier. Here's that earlier post, from August 2004, which points out a telling difference in the great Alfred Marshall's perspective on the world compared to the perspective of the great Adam Smith:...more>>