Adam Smith was born 1723 in Scotland, he was a child genius. He attended the University of Glasgow when he was only 14 years old. He graduated early, only to transfer to Oxford University for 6 more years. He then returned to his homeland of Scotland to teach. He taught Literature, Logic, and Economics. At the age of 40 he began traveling Europe. He got to meet other great philosophers . By this time he was already famous, in 1959 he wrote the book “Moral Sentiments “. Would think that would be enough but Adam wasn’t done. He wanted to accomplish more, he wanted to provide more insight in the matters of economics and political philosophy as well as ethics and moral philosophy.

He began working on a book called “The Wealth of Nations”. That book took him about 12 years to finish. But to Adam it was all worth it. It is said that in that book Adam Smith changed the face of economics. The book basically entailed people having the choice of where they wanted to work, when they

Marshall is credited with the “credit concept” or the concept of price-elasticity of demand, which accommodates buyers' who can’t afford a certain commodity at the time of purchase. Marshall also originated the concept of consumer surplus, which is basically the size of the benefits equals the difference between the consumer's value of all the products purchased and the amount paid for the products. This difference is a consumer surplus. Marshall also introduced the concept of producer surplus, which is the amount the producer is actually paid minus the amount that he would willingly accept. Marshall used these concepts to measure the changes in society’s well-being from government policies such as taxation. With these concepts Marshall was trying to prove that the economy was an evolutionary process in which technology, market institutions, and people's preferences go hand in hand with people's behavior. Although economists have refined the measures since Marshall's time, his basic approach to what is now called welfare economics and it still stands today.

Alfred Marshall was born into a middle-class family in London and raised to enter the clergy. He parents wanted him to study theology at Oxford, but he defied his parents' wishes and studied mathematics at Cambri

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