Principles of Economics
Originally published in 1890, Principles of Economics was the first text to bring together the theories of supply and demand, marginal utility and ... Show synopsis 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.