Summary Of "Principles Of Economics" By Alfred Marshall - UNIVERSITY SUMMARIES - E-book - ePub

We have summarized here the essential of this book by the author. PRINCIPLES OF ECONOMICSBOOK III STUDY OF THE NEEDS AND THEIR SATISFACTIONCHAPTER 1 INTRODUCTIONThis is a study of needs and their satisfaction, that is, of demand and consumption. Both Ricardo and his followers were not unaware that the conditions of demand played as important a role as those of supply in determining value. But they gave rise to misunderstandings.
Analyzing the theory of demand it is possible to collect consumption statistics that can clarify difficulties in determining public welfare. WE SHOULD ANALYZE WHETHER A GREATER WEALTH ALWAYS CONTRIBUTES TO A GREATER GENERAL WELFARE. Therefore, study to what extent the exchange value of a good, whether collective or individual, faithfully represents the increase in happiness and well-being.