Marshallian

Part of speech: adjective

Definitions

1. Of or pertaining to the economic principles and methods developed by Alfred Marshall, the influential 19th-century economist
2. Characteristic of the economic thought and analytical approach associated with Alfred Marshall and his contributions to microeconomics
3. Based on or following the economic doctrines and frameworks established by Marshall in his foundational work on supply, demand, and equilibrium

Etymology: Alfred Marshall was the English economist whose name gives this word its meaning. Marshall taught at Cambridge and published his influential "Principles of Economics" in 1890, and the adjective "Marshallian" came to describe ideas, models and concepts associated with his work, especially his approach to supply, demand and price. The formation is simple: the surname "Marshall" with the English adjectival suffix "-ian", the same ending found in words like "Darwinian" and "Keynesian". Economists use the term to distinguish Marshall's version of a concept from rival versions, so that a "Marshallian demand curve" is understood to refer to his particular formulation.