Alfred Marshall and Neoclassicism

Unlike the three economists discussed in the previous chapter, Marshall did not reject classical economics altogether. Instead, he sought to complement it with an analysis of the demand side and different time periods. Marshall succeeded in separating the subject of political economy from the Moral Sciences Tripos and establishing a separate course in economics at Cambridge University, still called the Economic Tripos. Marshall was the founder of the Cambridge School of Economics, which produced such eminent economists as Pigou and Keynes.