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The Revitalisation of Marshall’s Industrial Economics

In: Alfred Marshall and Modern Economics

Author

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  • Neil Hart

    (University of Western Sydney
    University of New South Wales)

Abstract

Marshall’s analysis of industrial organisation in the Principles was summarised earlier in Chapter 2, where it was established that Marshall’s industrial economics formed the heartbeat of his evolutionary perspective on economics. This analysis was informed by detailed observations of contemporary industrial organisation, together with historical investigations into its development. Marshall had been a frequent and observing traveller throughout Britain, Europe, and the United States, where his travels were, in part, field trips in which observations were gathered on industrial and social conditions.’ This followed Marshall’s dictum that direct practical experience of particular events was the basis of all economic knowledge, which, when placed within an appropriate analytical structure, could be used to perform the task of deducing general guidance for the future from the instruction of the past (Marshall 1919: 679).

Suggested Citation

  • Neil Hart, 2013. "The Revitalisation of Marshall’s Industrial Economics," Palgrave Macmillan Books, in: Alfred Marshall and Modern Economics, chapter 6, pages 114-134, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-02975-1_6
    DOI: 10.1057/9781137029751_6
    as

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