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THE ECONOMIC JOURNAL

SEPTEMBER, 1924
ALFRED MARSHALL, 1842–1924 1

ALFRED MARSHALL was born at Clapham on July 26, 1842, the son of William Marshall, a cashier in the Bank of England, by his marriage with Rebecca Oliver. The Marshalls were a clerical family of the West, sprung from William Marshall, incumbent of Saltash, Cornwall, at the end of the seventeenth century. Alfred was the great-great-grandson of the Reverend William Marshall,2 the half-legendary herculean parson of Devonshire, who, by twisting horseshoes with his hands, frightened local blacksmiths into fearing that they blew their bellows for the devil.3 His great-grandfather was the Reverend John Marshall, Headmaster of Exeter Grammar School, who married Mary Hawtrey, daughter of the Reverend Charles Hawtrey, Sub-Dean and Canon of Exeter, and aunt of the Provost of Eton.4

His father, the cashier in the Bank of England, was a tough

* In the preparation of this Memoir I have had great assistance from Mrs. Marshall. I have to thank her for placing at my disposal a number of papers and for writing out some personal notes from which I have quoted freely. Alfred Marshall himself left in writing several autobiographical scraps, of which I have made the best use I could.

? By his third wife, Mary Kitson, the first child he christened in his parish, of whom he said in joke that she should be his little wife, as she duly was twenty years later.

* This is one of many stories of his prodigious strength which A, M. was fond of telling-how, for example, driving a pony trap in a narrow Devonshire lane and meeting another vehicle, he took the pony out and lifted the trap clean over the hedge. But we come to something more prognostical of Alfred in a little device of William Marshall's latter days. Being in old age heavy and unwieldy, yet so affected with gout as to be unable to walk up and down stairs, he had a hole made in the ceiling of the room in which he usually sat, through which he was drawn in his chair by pulleys to and from his bedroom above.

4 Thus Alfred Marshall was third cousin once removed to Ralph Hawtrey, author of Currency and Credit-80 there is not much in the true theory of Money which does not flow from that single stem. A. M. drew more from the subtle Hawtroys than from the Reverend Hercules.

No. 135.-VOL. XXXIV.

Lau. K. ZIELENZIGER. A biographical study forming a contribution to German economic history. Lau, who fourished in the early years of the eighteenth century, appears to have been

the first to use the word “ Nationalökonomie." Among the Miscellanies are some interesting statistics respecting

the movement of population in Stockholm during the last two centuries, and the present population of the world.

Archiv für Sozialwissenschaft und Sozial-politik (Tübingen). Vol. LI., No. 2. Zur Theorie des Geldmarktes. A. HAIN. The

“Begriff” and “ Wesen” of the money market and of the capital market explain recent monetary history. Cassels System der Theoretischen Nationalökonomie. A. AMMON. Die Presse. J. GOLDSTEIN. Die geschichtsphilosophischen Anschauungen

Bismarcks. V. GITERMANN. Vol. LI., No. 3. Zur Frage einer Theorie der Nichtkapitalistichen

Wirtschaftsysteme. A. TSCHAYANOFF. Now that Asia and Africa are becoming parts of the civilised world we are compelled to consider the possibility of a non-capitalistic regime co-existing with other economic systems. Zur Soziologie der parliamentarischen Representation in England. K. LOEWENSTEIN. Kreditinflation und Geldtheorie. W. MILDSCHUH. Katholizismus und Sozialismus. K. VORLÄNDER.

oziation und Gentation in tems: Zuspitalistic reaction compelledrica

Weltwirtschaftliches Archiv (Jena).
JANUARY, 1924. Das Geldwesen Niederlandisch-Indiens. Prof. G. M.

VERRIJN STUART. Der moderne Wirtschaftsmensch. Dr. W.
MITSCHERLICH. Erdteilstaaten als Weltmächte. Dr. W. VOGEL.
An“ erdteilstaat” is one which, like the United States of
America, extends over, but not beyond, a large portion of the
earth's surface, and is politically homogeneous.

Zeitschrift für Volkswirtschaft und Sozialpolitik (Vienna). Vol. III., Nos. 10–12. Sechs Sätze über das Wesen der Ganzheit.

OTHMAR SPANN. A metaphysical exposition of six propositions respecting the concept of the Universe the nature of the All; e.g. (1). the All as such as no existence; (2) the Whole is all in all, all is in it and it is in all. The concept of the All enables us to apply the methods of physics to the moral sciences. Nutzen und Wirtschaftsrechnung. L. SCHÖNFIELD. The measurement of utility and other aspects of its relation to economics are elaborately discussed.

Giornale degli Economisti (Rome). JANUARY FEBRUARY, 1924. Vilfredo Pareto. A splendid tribute to

the memory of departed genius is formed by a collection of éloges, each contributed by a leading Italian economist. Amoroso, Barone, Benini, Fanno, Gobbi, Mortara, Michels, Pantaleoni, Prato, Ricci, Vinci, these and other distinguished names are conspicuous in the long list of contributors. Of particular interest to the English reader are Prof. Ricci's observations on Pareto's dictum, that only “the necessity of considering systems of equations determining equilibrium in the general case justifies the use of mathematics in political economy.” The general theory of equili. brium is truer, observes Ricci, but the treatment of one economic quantity as dependent chiefly on another, the practice of Marshall, admits better of application.

La Riforma Sociale (Turin). JANUARY-FEBRUARY, 1924. Per valorizzare la statistica locale. F. A.

REPACI. Referring to the subject of the following article. I numeri indici del costo della vita in Italia. A. MOLINARI. A criticism of index-numbers for the cost of living and suggestions for their improvement. Sul funzionamento dell'imposta di richezza mobile. G. Rossi. Il Carteggio di un economista. G. SOLIERI. Referring to a new edition of the correspondence of A. Verri, who was the travelling companion of Beccaria in the

'sixties of the eighteenth century. MARCH-APRIL, 1924. Ostacoli all introduzione del Capitale estero in

Italia. J. AQUET. The Italian fiscal system discourages the entry of foreign capital.

Metron (Ferrara). Vol. III., Nos. 3, 4. Les indices économiques. L. MARCH. Index.

numbers in general, and with special reference to prices and to economic progress, are philosophically discussed. La fecondità delle aristocrazie. F. SAVORGNAN. A study on the fecundity of a certain aristocratic class in Germany. La Comunità Israelitica di Trieste. Dr. I. ZOLLER. A study on the demography of the Jewish population in Trieste.

Revista Nacional de Economia (Madrid). No. 51-2. Las analogias entre la crisis mundial en los siglos III. y XX.

G. FERRERO. An alarming parallel between the world as it is now and the declining Roman Empire. The collapse of the Senate's authority had consequences comparable with the breakup of beliefs and institutions in modern Europe. Possibly the débâcle of civilisation may be more tremendous in the twentieth than it was in the third century.

Bulletin of the Tokio Chamber of Commerce. MARCH, 1924. The consequences of the Earthquake occupy most of

this, as of the preceding number. The resulting deaths are now estimated at 100,000. Much unemployment is caused by the collapse of many industries. The President of the Chamber laments the destruction of temples, shrines and schools.

Social Sciences Quarterly (Peking).
JANUARY-MARCH, 1924. The titles of some articles in this number

are tantalising : The Method and Ideals of the Fabian Society ;
The Present state of Marriage in China ; Inheritance . . . with
Suggestions for the Reform of the existing Régime in China ;
Economic Science in a Socialist Commonwealth.

NEW BOOKS.

English. AMERY (RIGHT HON. L. S., M.P.). National and Imperial Economics. London : National Unionist Association. Pp. 75. 3d.

BELLOC (HILAIRE). Economics for Helen. London: Arrowsmith. Pp. 246.

BEVERIDGE (SIR WILLIAM). Insurance for All and Everything. (“New Way” Series). London: Daily News. 6d.

COYAJEE (J. C.). The Indian Fiscal Problem. A course of seven lectures delivered at Patna University in August, 1923. Patna : University. 1924. Pp. 178.

[Reviewing the arguments of leading economists on Protection the writer, who is a Professor in Presidency College, Calcutta, advocates a policy of Imperial Reciprocity.)

EUCKEN (WALTER). Kritische Betrachtungen zum deutschen Geldproblem. Jena : Fischer. 1923. Pp. 83.

EVANS (IFOR L.). The Agrarian Revolution in Roumania. Cambridge : University Press. 1924. Pp. 197.

[Tracing the recent legislation to the oppression of the peasants in times past, the writer views with complacency the expropriation of the boyars, from whom the little that was left by law has been taken through depreciation of currency. A decline in culture and economic efficiency is not apprehended.]

FLORENCE (P. SARGENT). Economics of Fatigue and Unrest. London : Allen and Unwin. 168.

HEARNSHAW (F. J. C.). Democracy and Labour. Macmillan. 1924. Pp. 274.

[The author of Democracy at the Crossways here offers for popular use an entirely new and much shorter work embodying the main conclusions of the earlier work, together with additional material.]

HUGHES (THOMAS J.). State Socialism after the War. London: Bale. 1924. Pp. 363.

KEMP (WILLIAM). Precious Metals as Money. Paisley : Gardner. 1923. Pp. 336.

KEY (HELMER). European Bankruptcy and Emigration. London: Methuen. 1924. Pp. 169.

[International Co-operation, especially between Great Britain and the United States, is advocated.]

LATIF (S. A.). Economic Aspect of the Indian Rice Export Trade. Calcutta : Gupta. 1923. Pp. 83.

[In ordinary times restrictions on export are unnecessary, but in lean years somo restriction is necessary; by an export duty or, better, by Government Control, as in 1918–19.]

LAYTON (W.T.). The Budget of 1933. London : Daily News, Ltd. 1923. 12 mo. Pp. 31. 6d.

[The able editor of The Economist takes a dip into the future and forecasts the national balance sheet in 1933 upon certain assumptions. He expects that prices in 1933 will be doubled as compared with pre-war prices, that there will be no disturbance of international peace, but that disarmament by mutual agreement will make further progress, and that there will be no organic change in our fiscal system. He suggests readjustments of income tax, with some reduction in the rate, part of which should be compensated by an increased yield from death duties. Search should be made for new sources of indirect taxation upon luxuries to

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