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Alfred Marshall (1842-1924) and Leon Walras (1834-1910) are two of the most renowned neo-classical economic theorists, who contributed a great deal to the contemporary economic analysis.
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Alfred Marshall (1842-1924) and Leon Walras (1834-1910) are two of the most renowned neo-classical economic theorists, who contributed a great deal to the contemporary economic analysis. Leon Walras was born in Normandy, France, and was later accredited as the originator of general-equilibrium analysis. He, along with Jevons and Menger, are classified as the originators of the Marginal Utility principle; which boosted his reputation. Alfred Marshall, on the other hand, was not the son of an economist, rather his dad was a bank cashier. He was born in Clapham, England in 1842. Their individual works; Walras's Elements of Pure Economics (1874), and Marshall's Principles of Economics (1890), were very dissimilar. Yet they did share some similarities. For instance, both of them incorporated stability into their analysis, and were greatly influenced by Cournot's use of differential calculus in economics. The essential difference between the two lies in their utilization of different...
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