This text presents Alfred Marshall’s final, unfinished, and unpublished book. His main volume, Principles of Economics, was first published in 1890, and was, for a long period of time, the textbook par excellence on which generations of economists were trained. Despite its success and its importance, the book, in its eight editions, testifies to some extent to the failure of Marshall’s original editorial project which should have consisted of multiple volumes and culminated with the publication of a final work on economic progress. Marshall’s death in 1924 made it impossible to realize his project, but many notes written for it have survived. These notes, collected here, constitute a fundamental element in fully understanding the thought and perspectives of this great economist and in appreciating his great modernity and wisdom.

This text presents Alfred Marshall's final, unfinished, and unpublished book. His main volume, Principles of Economics, was first published in 1890, and was, for a long period of time, the textbook par excellence on which generations of economists were trained. Despite its success and its importance, the book, in its eight editions, testifies to some extent to the failure of Marshall's original editorial project which should have consisted of multiple volumes and culminated with the publication of a final work on economic progress. Marshall's death in 1924 made it impossible to realize his project, but many notes written for it have survived. These notes, collected here, constitute a fundamental element in fully understanding the thought and perspectives of this great economist and in appreciating his great modernity and wisdom.

Tiziano Raffaelli (Pisa 1950) was a widely esteemed scholar in the field of the history and methodology of economics, who died suddenly in January 2016 while still in the midst of working and of developing projects for new lines of research. He was a philosopher of science by formation and a historian of economic ideas by professional choice, with interests covering a vast area, ranging from the 18th to the 20th century and from Europe to the US. Where he left an indelible mark, however, was in his interpretation of Alfred Marshall’s economic theory and its reverberations through Keynes on the one hand, and the Cambridge school of industrial economics on the other. Raffaelli’s research in this field offered a completely new view of the core and meaning of Marshall’s work and of its relevance for 21st century social scientists. In the process, it stimulated a new and fruitful research program in Marshallian economics. This volume consists of two parts. The first is devoted to illustrating the above-mentioned changes in the understanding of Marshallian economics and Raffaelli’s role in bringing them about. The second part offers a collection of essays documenting some more recent developments in fields related to Marshall and his influence, including welfare economics and industrial organization, Marshall’s legacy in Cambridge economics, the Chicago school, and beyond. The contributors to this volume range from leading senior scholars in the field to exceptional young scholars, and their contributions illustrates a myriad of ways in which the “new view” of Marshall inspired by Raffaelli’s work influences our understanding of the history of economics from the late 19th century onward. This book will be of international interest to scholars working in the history of economic thought, and will also appeal to philosophers of science, methodologists, intellectual historians, and those who specialize in industrial organisation.

This volume revisits the history of welfare economics, showing that economists have regularly drawn on ethical values for practical issues.

This open access book examines the chronic underperformance of economies with respect to inclusion, sustainability and resilience. It finds that the standard liberal economic growth and development model has evolved over the past century in a fundamentally unbalanced manner that underemphasizes the crucial role of institutions – legal norms, policy incentives and public administrative capacities – in translating market-based growth in the production of goods and services into broad and sustainable gains in social welfare at the household level. Correcting this imbalance of emphasis in economic theory and policy between markets and institutions, production and distribution, and national income and household living standards is the single most important step required to transcend 20th century trickle-down “neoliberalism” and replace it with a more human-centred model of economic progress in the 21st century. The book breaks new ground by integrating the principal institutional dimensions of the social contract into the heart of macroeconomic theory and presenting extensive corresponding reforms of domestic and international economic policy to refocus them on the median living standards, rather than primarily aggregate wealth or GDP, of nations. This is the bottom-line measure of national economic performance, and it depends on the strength of both markets of exchange and institutions in such areas as labour and social protection, financial and corporate governance, competition and rents, anti-corruption, infrastructure and basic necessities, environmental protection, education and skilling, etc. Extensive comparative data are presented demonstrating that countries at every level of economic development have ample policy space to narrow their “welfare gaps” – their underperformance on these and other key aspects of household living standards relative to the frontier of leading policy practice in peer countries.

'The book should [therefore] be in every good university library and on the book shelf of all devoted Marshall scholars.' - Peter Groenewegen, History of Economics Review The Lectures to Women given by Alfred Marshall at Cambridge in 1873, which focus on the effects of working conditions on man's character and prospects, are unique in their content and purpose. They offer insight into a radical period in Marshall's life of which relatively little is known. This new critical edition makes the Lectures, which have sometimes been referred to by Marshallian scholars, available to a wider body of historians of economic thought. Based on Mary Paley Marshall's original notes, corrected by Marshall himself, the Lectures are supplemented by Marshall's lecture outlines. Some contemporary and related texts are also published here including a paper on the future of the working classes from the same year and Marshall's exchange of articles with the trade unionist John Holmes in 1874 known as the Bee-Hive debate.