Economic, ethical and political aspects of wellbeing : some Marshallian insights from his book on progress

Marshall decided to dedicate his life and career to economic studies because of the increasing urgency of the problem of poverty and of the so-called Residuum. This explains why, for him, the most important goal was to find the ways and the means to economic, social and human progress, which he clearly distinguished from material growth. Accordingly, Marshall developed a compound concept of "wellbeing" in which "wealth" was important and necessary but other aspects played a much more important role for the development of human faculties and (evolutionary) progress. The main aim of this chapter is to inquire into the concept of wellbeing and the complex nature of economic progress as conceived and dealt with by Marshall, particularly in his late notes for his unpublished book on economic progress.