Marshall Society

The Marshall Society is an economics society at the University of Cambridge. It was established in 1927,^[1] and is named after Alfred Marshall, the prominent economist who was Professor of Political Economy at Cambridge from 1885 to 1908^[2] and established the university's economics Tripos in 1903.^[3] Notable former members of the society include economists such as John Maynard Keynes and Nicholas Kaldor, as well as political figures such as Manmohan Singh. At present, the society organises some events for members, including occasionally inviting speakers and hosting some social events.

The Marshall Society was founded in 1927, nearly two decades after Alfred Marshall retired from his position as Professor of Political Economy. The society was created to provide an intellectual platform for students interested in the study of economics, both to discuss contemporary economic issues and explore the broader influence of economics on society.

The society has established itself as one of the most significant student organizations at the University of Cambridge, attracting students with a keen interest in economic theory, policy, and practice. Over the years, the society has been closely associated with the Economics Faculty at Cambridge and has maintained its reputation as a hub for budding economists.

Alfred Marshall's contributions to economic thought are foundational, and his influence is embedded in the society’s mission. Marshall is best known for his seminal work, Principles of Economics (1890), which introduced concepts such as price elasticity of demand, consumer surplus, and the long-run and short-run in economics. His work laid the groundwork for neoclassical economics, particularly through his synthesis of supply and demand, marginal utility, and costs of production.

Marshall’s tenure at Cambridge was marked by his efforts to formalize the study of economics, culminating in the creation of the Economics Tripos in 1903, the first university degree dedicated to the subject in the UK. His students included some of the most influential economists of the 20th century, including John Maynard Keynes.

The Marshall Society is renowned for its rich schedule of events, which include:

The society regularly invites prominent economists, policymakers, academics, and business leaders to speak at Cambridge. Distinguished speakers have ranged from Nobel laureates in economics to influential figures in global economic policy.

The society organizes debates on pressing economic issues, where students can engage in dialogue and critical thinking on contemporary topics such as inequality, climate change economics, and financial crises.

One of the hallmark events of the society is the annual conference, which gathers students, academics, and professionals to discuss cutting-edge economic issues. The conference features keynote speeches, panel discussions, and opportunities for networking.

In addition to academic activities, the Marshall Society hosts social events such as formal dinners, networking receptions, and informal gatherings, fostering a sense of community among students interested in economics.

The society also engages in intellectual discourse through its own publications. The Marshall Society Journal features articles, essays, and research papers written by both students and invited academics. These publications provide a platform for students to contribute original economic thought and engage with complex topics in a formal academic setting.

Additionally, the society has historically published The Dismal Scientist, a student-run magazine that provides an informal space for economic commentary, interviews, and opinion pieces. The magazine often covers a wide range of topics, from theoretical economics to current affairs and policy debates.

Over the decades, the Marshall Society has played an important role in the intellectual development of many prominent economists, policymakers, and business leaders. Some of the most notable former members include:

• John Maynard Keynes: One of the most influential economists of the 20th century, Keynes revolutionized economic thought with his work on macroeconomics and government intervention. His magnum opus, The General Theory of Employment, Interest, and Money (1936), reshaped global economic policy in the wake of the Great Depression and continues to influence economic policy today.
• Nicholas Kaldor: A distinguished Cambridge economist known for his contributions to growth theory, distribution theory, and the theory of income distribution. Kaldor developed several important economic models, including the Kaldor-Hicks efficiency criterion.
• Manmohan Singh: Former Prime Minister of India and one of the key architects of India's economic liberalization in the 1990s. Singh is an economist by training and was educated at both Cambridge and Oxford.
• Amartya Sen: Nobel laureate in Economics (1998), Sen has made significant contributions to welfare economics, social choice theory, and development economics. His work on poverty and famine has had a profound impact on policy formulation in developing countries.
• Sir James Mirrlees: Another Nobel laureate in Economics (1996), Mirrlees was awarded the prize for his contributions to the economic theory of incentives under asymmetric information, work that has been particularly influential in the fields of taxation and contract theory.
• Abhijit Banerjee: Nobel laureate in Economics (2019) for his experimental approach to alleviating global poverty. Banerjee is also a professor at the Massachusetts Institute of Technology (MIT).

The Marshall Society is run by an elected executive committee, composed of undergraduate and postgraduate students. The committee is responsible for organizing events, managing the society's finances, and overseeing its publications. Elections are held annually, and the positions include President, Vice-President, Treasurer, and other roles such as Speakers Officer and Social Secretary.

The society operates independently but maintains close ties with the Faculty of Economics at the University of Cambridge. Faculty members often attend events, and prominent scholars from the department are invited to engage with students at various society events.

Membership in the Marshall Society is open to all students of the University of Cambridge, although it primarily attracts those studying economics or related disciplines. Members gain access to the society’s events, publications, and social activities. The society also provides a valuable network for students interested in pursuing careers in economics, finance, public policy, and academia.

The Marshall Society has played a significant role in nurturing several generations of economists and intellectuals. Its commitment to fostering rigorous economic debate and inquiry has made it a cornerstone of student life at Cambridge for those interested in the subject. Through its speaker events, publications, and conferences, the society provides a platform for students to engage with leading figures in the field and contribute to ongoing discussions in economics.

Today, the Marshall Society continues to inspire and educate future leaders in economics, maintaining its status as one of the most respected student organizations at the University of Cambridge. The legacy of Alfred Marshall, with his emphasis on using economics to improve societal welfare, remains at the heart of the society’s ethos.