THE MARSHALLIAN SCHOOL AND THE ROLE OF THE STATE.

The article focuses on the Marshallian School of Economics. The period from the mid-1880s to the First World War was "emphatically the Marshallian Age" in British economics, the position of the Marshallian School was not in fact finally undermined until the Keynesian Revolution. According to economist Narmadeshwar Jha, economist Alfred Marshall's ideas provided a theoretical basis for increasing State intervention in the economic life of the community in Great Britain, and thus helped the Liberal Government of Great Britain to lay the foundations of the Welfare State. Marshall was the most prominent architect of the Great Theory of Economics that so well suited the decades immediately before 1914 which the free market was dominant and legally entrenched, perfect competition if not a fact was not yet a gross and obvious absurdity, resources were allocated by a market where the value of the currency was stable, and one could seriously think in terms of a long run including further decades of family and business prosperity when the harvest sown with labour and thrift would be gathered in due course.