Enterprise against Stagnation: On Management of Productivity and Risk in Alfred Marshall's Theory
World War I was not long ended before the former Cambridge professor Alfred Marshall (1842-1924), and his beloved wife. Mary Paley. daughter of a priest and economist, decided to seek peace and refreshment on an alpine holiday. They chose to visit the South Tyrol of which they were both very fond, but it was not until 1920, with their baggage delayed by a railway strike, that they finally sat on the train that puffed its way from Verona up toward the Alps. Recalling their earlier holidays, they wondered if the old couple who ran the inn where they had stayed was still alive. They remembered Frau Filomena who had cared for them in earlier summers and improvised an elegant tea party for their Austrian economist colleagues such as von Wieser and Bohm-Bawerk in the bedroom of the inn.' The landscape that met them through the train windows was certainly the same, but the Italian station signs witnessed that Europe had basically changed. The old professor perhaps recalled his youth when he had proudly climbed Grossglockner with only a guide to help. Perhaps he also thought of how he and the liberal professor Henry Sidgwick had taught the first women students-among them Mary Paley-at male-dominated Cambridge.