Question

How does Alfred Marshall complete the Marginalist Revolution through the creation of “neoclassical” economics? In what ways does neoclassical economics represent a sharp break with Classical PE?

Answer 1

Alfred Marshall is the neo classical economist. He contributed the neo classical school of economics. Before this have a classical theory of economics .The Alfred marshal neoclassical economics lead to a marginal ist revolution connected with the classical economics.

Marginalism based on individual or based on small things which is the part of micro economics which includes theory and policies that consider mathematical equations and consider the production variables functionally or mathematically.it is also consider indivdiual needs and wants and their utility to need satisfaction.it is a major concept in micro economics. Which very helpful for the end of classical theory or concept and emerge a new and wider concept.