ABSTRACT
Alfred Marshall created a genuine School which included in its ranks AG Pigou and D H Robertson, his successors in the Chair of Political Economy at Cambridge, and, until 1930, Keynes. Marshall was the dominant figure of Neo-Classical Economics. He was well aware that in practice imperfections of the market existed, devoting a part of the Principles to what he described as the theory of monopoly. The main problem facing the economic and social system of his time, Marshall felt, was ‘how to get rid of the evils of competition while retaining its advantages’. Marshall favoured redistributive taxation measures, including a large use of steeply graduated taxes on incomes and property, and a moderate increase in death duties. The Marshallian School, indeed, was in retreat by the time that Pigou has been succeeded in Marshall’s old Chair by D H Robertson, who was to hold the Professorship between 1944 and 1957.
