Adam Smith
Alfred Marshall

Arthur Cecil Piquo
David Ricardo
Jagdish N. Bhagwati
James Buchanan
James Tobin
John Kenneth Galbraith
John Maynard Keynes
John Stuart Mill
Joseph Shumpeter
Joseph Stigler

Karl Marx
Ludwig Von Mises
Milton Friedman
Paul A. Samuelson
Robert E. Lucas
Robert Solow
Ronald Coase
Thomas R. Malthus
Thorstein Veblen
William Stanley Jevon

Story of Alfred Marshall (1842-1924)

His main contribution: Microeconomics; the study of individual
markets and industries.

Other contributions: Welfare Economics, International Trade.

Main concepts

• price and output of good determined by demand and supply.
  (Price determination)
• Period analysis (critical distinction between short run and long run)
• Price elasticity of demand
• Consumer surplus
• Producer surplus

His belief: Economy as an evolutionary process in which technology,
market institutions and people's preferences evolve along with
people's behaviour.

Most important book: Principles of Economics

Students taught: John Maynard Keynes, Arthur Cecil Pigou