Principles of Economics, Volume I¶
Marshall, A. (1890). Principles of Economics, Volume I.
Cited by¶
20 citations across 19 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Deadweight Loss
- The consumer- and producer-surplus framework, which underpins these calculations, traces to Marshall (1890)
This sourceIntroduces consumer surplus and producer surplus ("Marshallian surplus") within partial-equilibrium supply-and-demand analysis — the welfare-accounting framework underlying the deadweight-loss triangle (the gap between the surplus realized and the surplus available at competitive equilibrium).
- The construct was developed in Marshallian partial-equilibrium analysis,
- The consumer- and producer-surplus framework, which underpins these calculations, traces to Marshall (1890)
- Demand
- The prime is emphatically not "people want things"; it is the price–quantity curve and its derived properties: a downward slope (lower cost draws more sought), elasticity (the responsiveness of quantity to price), substitution (composition shifts at the margin as relative costs change), and a conditioning structure of income, expectations, complements, and substitutes that locates and moves the whole curve.
This sourceFoundational treatment introducing the demand curve, elasticity of demand, and consumer surplus as the area under the demand curve above price.
- The prime is emphatically not "people want things"; it is the price–quantity curve and its derived properties: a downward slope (lower cost draws more sought), elasticity (the responsiveness of quantity to price), substitution (composition shifts at the margin as relative costs change), and a conditioning structure of income, expectations, complements, and substitutes that locates and moves the whole curve.
- Diminishing Incremental Gains
- Marshall (1890) gave this curve-navigation reasoning its canonical formulation in Principles of Economics, treating diminishing marginal utility as the substrate-independent shape that governs rational allocation along any concave benefit function.
This sourceCanonical formulation of diminishing marginal utility ('the marginal utility of a thing diminishes with every increase in the amount already held'), the substrate-independent concave shape governing rational allocation.
Supported in partVerified against the work's full text
Marshall's Principles of Economics does contain the law of the Diminution of Marginal Utility, but the fetched text does not frame it as a substrate-independent concave shape governing rational allocation.
“Marginal ot Final Utility and Total Utility. § 5. Any par- ticular want is generally satiable. The laio of the Diminution of Marginal ■rtili'ty, g 6, The distribution of a person's means between the gratifica- tions of different wants; so that the same price measnres eqoal ntilities at the margin of different purcbascB.”
- Marshall (1890) gave this curve-navigation reasoning its canonical formulation in Principles of Economics, treating diminishing marginal utility as the substrate-independent shape that governs rational allocation along any concave benefit function.
- Diminishing Returns (Law of)
- as central to his theory of rent, and formalized in neoclassical production theory via Marshall (1890)
This sourceGeneralizes diminishing returns from land to all factors of production (a producer who over-uses any one factor gets diminishing returns because the others cannot back it up) and derives the upward-sloping short-run firm/industry supply curve from short-run diminishing returns — supports both the Core-Idea and Structural-Signature claims attributed to Marshall.
- as central to his theory of rent, and formalized in neoclassical production theory via Marshall (1890)
- Diseconomies of Scale
- The pattern was first given rigorous economic shape in the long-run average-cost analyses that succeeded Marshall's (1890) treatment of internal and external economies, where the U-shaped average-cost curve makes the unfavorable upturn an explicit object rather than an afterthought.
This sourceMacmillan. Foundational treatment distinguishing internal and external economies of scale and the favorable below-optimum regime (fixed-cost spreading, deepening specialization); establishes the lineage in which the long-run average-cost curve and its eventual upturn become explicit objects of analysis.
- The pattern was first given rigorous economic shape in the long-run average-cost analyses that succeeded Marshall's (1890) treatment of internal and external economies, where the U-shaped average-cost curve makes the unfavorable upturn an explicit object rather than an afterthought.
- Economies of Scale
- The formal economic study of economies of scale traces to Alfred Marshall's Principles of Economics (1890),
This sourceMacmillan, London. Distinguishes internal economies (dependent on a single firm's resources, organization, and management) from external economies (dependent on the general development of an industry/region), and treats the long-run average-cost curve and its eventual upturn as explicit objects of analysis; supports the inline 'Formal/abstract' claim attributing the internal-vs-external distinction to Marshall.
- The formal economic study of economies of scale traces to Alfred Marshall's Principles of Economics (1890),
- Externality
- The construct originated in Alfred Marshall's Principles of Economics (1890)
This sourceMacmillan. Introduces external economies and external diseconomies — effects on a firm's efficiency that depend on the development of the whole industry rather than the firm's own output — the origin point of the externality construct. SUPPORTS the 'construct originated in Marshall' claim (145). [Annotation reworded: prior text described internal/external economies of SCALE and long-run cost curves, which mis-stated the cited basis for the externality claim.]
- The construct originated in Alfred Marshall's Principles of Economics (1890)
- Increasing Returns
- … or inverted as the dominant winner extracts rents and slows innovation, and the four-role question has to be re-asked at each level rather than read off the firm-level gradient alone, a Marshallian (1890) point that external economies and internal economies operate at different scales and need separate accounting.
This sourceMacmillan. Foundational treatment distinguishing internal and external economies of scale and the favorable below-optimum regime (fixed-cost spreading, deepening specialization), establishing the lineage in which the long-run average-cost curve and its eventual upturn become explicit objects of analysis.
- … or inverted as the dominant winner extracts rents and slows innovation, and the four-role question has to be re-asked at each level rather than read off the firm-level gradient alone, a Marshallian (1890) point that external economies and internal economies operate at different scales and need separate accounting.
- Marginal Analysis
- (2) Alfred Marshall's Principles of Economics (1890)
This sourceMacmillan. Foundational treatment distinguishing internal and external economies of scale and the favorable below-optimum regime (fixed-cost spreading, deepening specialization), establishing the lineage in which the long-run average-cost curve and its eventual upturn become explicit objects of analysis.
- (2) Alfred Marshall's Principles of Economics (1890)
- Marginal Utility
- Classical results on consumer surplus (Marshall, 1890)
This sourceMacmillan. Foundational treatment distinguishing internal and external economies of scale and the favorable below-optimum regime (fixed-cost spreading, deepening specialization), establishing the lineage in which the long-run average-cost curve and its eventual upturn become explicit objects of analysis.
- Classical results on consumer surplus (Marshall, 1890)
- Price Elasticity
- The construct was introduced by Alfred Marshall (1890) in his Principles of Economics
This sourceMacmillan. Foundational treatment distinguishing internal and external economies of scale and the favorable below-optimum regime (fixed-cost spreading, deepening specialization), establishing the lineage in which the long-run average-cost curve and its eventual upturn become explicit objects of analysis.
- The construct was introduced by Alfred Marshall (1890) in his Principles of Economics
- Price Mechanism
- Modern formalization rests on Léon Walras's 1874 general-equilibrium framework, Alfred Marshall's 1890 supply-and-demand synthesis
This sourceMacmillan. Foundational treatment distinguishing internal and external economies of scale and the favorable below-optimum regime (fixed-cost spreading, deepening specialization), establishing the lineage in which the long-run average-cost curve and its eventual upturn become explicit objects of analysis.
- Modern formalization rests on Léon Walras's 1874 general-equilibrium framework, Alfred Marshall's 1890 supply-and-demand synthesis
- Substitutability
- Substitutability is the structural property that one entity or component can replace another without causing functional degradation or with only controllable loss of capability, an idea that Marshall (1890) formalized as the "principle of substitution" governing producer and consumer choices among functionally equivalent agents.
This sourceMacmillan. Foundational treatment distinguishing internal and external economies of scale and the favorable below-optimum regime (fixed-cost spreading, deepening specialization), establishing the lineage in which the long-run average-cost curve and its eventual upturn become explicit objects of analysis.
- Substitutability is the structural property that one entity or component can replace another without causing functional degradation or with only controllable loss of capability, an idea that Marshall (1890) formalized as the "principle of substitution" governing producer and consumer choices among functionally equivalent agents.
- Trade-offs
Domain-specific¶
- Supply
- In the long run, both inputs are variable, and the slope of the supply curve is shaped by returns to scale and by the behavior of input prices as the industry expands.
This sourceThat in the long period both inputs can be adjusted, and that the long-period supply price falls with increasing output through internal and external economies while rising raw-material costs pull the other way as the industry expands.
SupportedVerified against the work's full text
“when the term Normal is to refer to long periods of several years, Supply means what can be produced by plant, which itself can be remuneratively produced and applied within the given time”
- In the long run, both inputs are variable, and the slope of the supply curve is shaped by returns to scale and by the behavior of input prices as the industry expands.
Mechanisms¶
- Channel Saturation Review
- The classic misuse is the mirror image: reading cumulative totals, seeing them still rise, and concluding the channel "obviously still works" while every recent increment quietly underperforms — a plain misreading of the law of diminishing returns.
This sourceFormulates diminishing returns as progressively smaller additional output from further increments of input after a point.
- The classic misuse is the mirror image: reading cumulative totals, seeing them still rise, and concluding the channel "obviously still works" while every recent increment quietly underperforms — a plain misreading of the law of diminishing returns.
- Diminishing Returns Detection
- Its strength is separating "we are doing well" from "the next unit is doing well" — the confusion that keeps money and effort flowing into a spent path long after the totals stopped it being justified.
This sourceDistinguishes total output from the marginal return produced by an additional unit of input under diminishing returns.
- Its strength is separating "we are doing well" from "the next unit is doing well" — the confusion that keeps money and effort flowing into a spent path long after the totals stopped it being justified.
- Progressive Resource Allocation
- Its strength is legibility at scale: one published rule allocates to hundreds of recipients on a consistent, defensible basis, making the progressive intent auditable and hard to quietly reverse — while diminishing marginal utility
This sourceExplains that the marginal utility of money is greater for a poorer person and declines as resources increase.
- Its strength is legibility at scale: one published rule allocates to hundreds of recipients on a consistent, defensible basis, making the progressive intent auditable and hard to quietly reverse — while diminishing marginal utility
- Saturation-Aware Resource Allocation
- Its strength is turning a plateau into a reallocation rather than a loss: instead of stopping at a saturated channel, it puts the forgone resource to work where the marginal return is highest — the equimarginal principle, that a fixed budget yields the most when the last unit spent on each path returns the same.
This sourceShows that resources should be shifted among uses until the marginal benefit of the last unit is equalized.
- Its strength is turning a plateau into a reallocation rather than a loss: instead of stopping at a saturated channel, it puts the forgone resource to work where the marginal return is highest — the equimarginal principle, that a fixed budget yields the most when the last unit spent on each path returns the same.
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Links previously used in the corpus¶
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- https://www.gutenberg.org/ebooks/61246 ×2
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