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Originally published in 1890, Principles of Economics was the first text to bring together the theories of supply and demand, marginal utility and cost of production into a coherent whole. It introduced a number of new concepts which have formed the building blocks of modern microeconomics and underpin modern day business strategy. Concepts such as; elasticity of demand – how consumer demand for a good or service is affected by a change in its price; consumer surplus – the difference between the maximum price a consumer is willing to pay and the price that they actually pay and quasi-rent – the profit made in the short–term from a product/innovation due to a reduction in supply.

Over 100 years after its original publication Principles of Economics continues to influence economic and business strategy. This re-issued classic contains a new introduction by Professor Peter Groenewegen who explores the profound impact that this critical work has had on economic and business thinking.

Alfred Marshall (1842–1924) is widely regarded as the doyen of modern economics and the founder of the Neoclassical School of Economics; he is best known for revolutionising the teaching of economics. In 1865 Alfred Marshall was elected to a fellowship at St John's College, Cambridge, UK, he became a lecturer in moral sciences in 1868 and in 1885 he was awarded Professorship in Political Economy at Cambridge where he remained until his retirement in 1908. Marshall's magnus opus Principles of Economics was first published in 1890 to worldwide acclaim and it cemented his reputation as one of the leading economists of his time.

BOOK I: PRELIMINARY SURVEY
1. Introduction
2. The Substance of Economics
3. Economic Generalizations or Laws
4. The Order and Aims of Economic Studies
BOOK II: SOME FUNDAMENTAL NOTIONS
1. Introductory
2. Wealth
3. Production, Consumption, Labour, Necessaries
4. Income. Capital.
BOOK III: ON WANTS AND THEIR SATISFACTION
1. Introductory
2. Wants in Relation to Activities
3. Gradations of consumers' demand
4. The elasticity of wants
5. Choice between different uses of the same thing. Immediate and deferred uses.
6. Value and utility
BOOK IV: THE AGENTS OF PRODUCTION. LAND, LABOUR, CAPITAL AND ORGANIZATION T
1. Introductory
2. The Fertility of Land
3. The Fertility of Land, continued. The Tendency to Diminishing Return.
4. The Growth of Population
5. The Health and Strength of the Population
6. Industrial Training.
7. The Growth of Wealth
8. Industrial Organization
9. Industrial Organization, continued. Division of Labour. The Influence of Machinery
10. Industrial Organization, continued. The Concentration of the Specialized Industries in Particular Localities.
11. Industrial Organization, continued. Production on a Large Scale
12. Industrial Organization, continued. Business Management.
13. Conclusion. Correlation of the Tendencies to Increasing and to Diminishing Return
BOOK V: GENERAL RELATIONS OF DEMAND, SUPPLY, AND VALUE
1. Introductory. On Markets.
2. Temporary Equilibrium of Demand and Supply
3. Equilibrium of Normal Demand and Supply
4. The Investment and Distribution of Resources
5. Equilibrium of Normal Demand and Supply, continued, with reference to long and short periods
6. Joint and Composite Demand. Joint and Composite Supply
7. Prime and total cost in relation to joint products. Cost of marketing. Insurance against risk. Cost of Reproduction.
8. Marginal costs in relation to values. General Principles.
9. Marginal costs in relation to values. General Principles, continued
10. Marginal costs in relation to agricultural values
11. Marginal costs in relation to urban values
12. Equilibrium of normal demand and supply, continued, with reference to the law of increasing return
13. Theory of changes of normal demand and supply, in relation to the doctrine of maximum satisfaction
14. The theory of monopolies
15. Summary of the general theory of equilibrium of demand and supply
BOOK VI: THE DISTRIBUTION OF THE NATIONAL INCOME
1. Preliminary survey of distribution
2. Preliminary survey of distribution, continued
3. Earnings of labour
4. Earnings of labour, continued
5. Earnings of labour, continued
6. Interest of capital
7. Profits of capital and business power
8. Profits of capital and business power, continued
9. Rent of land
10. Land tenure
11. General view of distribution
12. General influences of progress on value
13. Progress in relation to standards of life
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