From the dominant figure in the field of microeconomics, "Principles of Economics" by British economist Alfred Marshall lays out a detailed study of individual markets and industries. His rigorous approach to pricing using supply and demand literally laid the groundwork for future generations of economists in developing models that attempt to forecast price changes based on the factors inherent in supply and demand.

Marshall also developed the concept of "price elasticity of demand", which helps to quantify consumer sensitivity to price.

Marshall's "Principles of Economics" is a foundational work in the field of microeconomics and has been "required reading" for generations of students of economics.

This edition of "Principles" is fully footnoted (over 600 hyperlinked footnotes within the text) and has all the original illustrations and graphs. This edition also has the complete Mathematical appendix.