Originally published in 1890, Principles of Economics was the first text to bring together the theories of supply and demand, marginal utility and cost of production into a coherent whole. It introduced a number of new concepts which have formed the building blocks of modern microeconomics and underpin modern day business strategy. Concepts such as; elasticity of demand how consumer demand for a good or service is affected by a change in its price; consumer surplus the difference between the maximum price a consumer is willing to pay and the price that they actually pay and quasi-rent the profit made in the short term from a product/innovation due to a reduction in supply.
Over 100 years after its original publication Principles of Economics continues to influence economic and business strategy. This re-issued classic contains a new introduction by Professor Peter Groenewegen who explores the profound impact that this critical work has had on economic and business thinking.
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