In "Principles of Economics, Book 5: General Relations of Demand, Supply and Value" by Alfred Marshall, the author explores the fundamental economic principles that govern the relationship between demand, supply, and value. This book is a key text for anyone studying economics, as it provides a comprehensive overview of how these three factors interact to determine prices in a market economy.
Marshall's writing is clear and accessible, making complex economic concepts easy to understand for readers of all levels. The book is well-organized and structured, with each chapter building upon the previous one to provide a thorough understanding of the topic at hand.
One of the standout features of this book is Marshall's ability to use real-world examples to illustrate his points. By grounding his theoretical discussions in practical scenarios, he helps readers see how economic principles play out in everyday life.
Overall, "Principles of Economics, Book 5: General Relations of Demand, Supply and Value" is a must-read for anyone looking to deepen their understanding of economics. Marshall's insightful analysis and clear writing make this book an invaluable resource for students, academics, and anyone with an interest in how markets work.
Book Description:
Principles of Economics is a leading economics textbook of Alfred Marshall (1842-1924), first published in 1890. Marshall began writing it in 1881 and he spent much of the next decade at work on it. His plan for the work gradually extended to a two-volume compilation on the whole of economic thought.
The first volume was published in 1890 to worldwide acclaim that established him as one of the leading economists of his time. It brought the ideas of supply and demand, of marginal utility and of the costs of production into a coherent whole, and became the dominant economic textbook in England for a long period. The second volume, which was to address foreign trade, money, trade fluctuations, taxation, and collectivism, was never published at all. (Wikipedia)
This reading is based on the eighth edition, published in 1920.
