Economic Exam Questions Keynes

Level: Undergraduate | Grade: 2:1 | Approx. Word Count: 2,170

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In what way was ‘character' central to Marshall's economics? Assess the importance of practical ethics in influencing Marshall's view of economics.

Alfred Marshall’s “principles of economics” is based on the accepted definition of the term markets, namely that these are stakeholders congregate with the intention of trading in the sale and/or purchase of goods, which in economic terms embraced those activities in relation to equity stocks and shares. Where Marshall’s theory differed, however, is that while other economic researchers focused their attention on the practical elements of the wealth generating mechanism of financial markets, his view was that it was the human characteristics that were the most important drivers in the growth of economics. Marshall’s view was that the achievement of economic development was reliant on the behavioural patterns of the stakeholders involved, which included corporate owners, managers and employees, and the manner in which these groups interacted with each other. Marshall further suggested that the character and personality of these stakeholders tended to be shaped by their method of earnings.