Alfred Marshall
One of the most influential economists of his times, Alfred Marshall was born on 26th July, 1842 in London. Alfred is well known for his demand and supply theory of marginal utility published in his book Principles of Economics. It was Alfred who extended economics from the classical frontier and popularized it as a study of human behaviour. The price elasticity of demand theory was also a part of the work done by Marshall. Economic welfare also divided into consumer surplus and producer surplus was a contribution of Marshall. This idea was used by him for analyzing the effect of price and tax shifts on market welfare.