The Modern Age of British Economics

    Alfred Marshall. Principles of Economics. Vol. I. [all published]. London: Macmillan and Co., 1890. First edition. Octavo. xxviii, 754 pages, [2, publisher's catalogue]. Original dark blue diaper-grain cloth with covers ruled in blind and spine ruled and lettered in gilt. Dark green coated endpapers. Previous owner's inscription and embossed blindstamp to the half-title. Later ownership inscription to the front free endpaper. Neat repair to front joint. Rear joint and corners rubbed and with some loss of the cloth. Otherwise, a very good copy of the scarce first edition.

    Keynes described the publication of Marshall's Principles as one of the salient events from which the "modern age of British economics" is to be dated (Economic Journal, 1940), and Schumpeter writes that "Marshall' great work is the classical achievement of the period, that is, the work that embodies, more perfectly than any other, the classical situation that emerged around 1900...Behind the great achievement there is a still greater message. More than any other economist-with the exception, perhaps, of Pareto-Marshall pointed beyond himself....Naturally his work is out of date. But there is in it a living spring that prevents it from becoming stale" (pp. 834 and 840). Batson, p. 146. Einaudi 3736. From the James and Deborah Boyd Collection.

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