This paper critically reviews the life, scholarship, teaching, and civil activities of the late Professor Byun, Hyungyoon, whose pen name is Hakhyun, in light of the life, scholarship, teaching, and civil activities of Alfred Marshal. Marshall was the father of the Neoclassical Economics and the founder of the Cambridge School of Economics. He wrote, among others, the Principles of Economics, which is still one of the most cherished classics. He has established the School of Economics at Cambridge and reared eminent scholars such as Pigou, Keynes, Whittaker, and Hicks. With them and their students Marshall founded the Cambridge School of Economics. Hayhyun had rebuilt the College of Commerce, Seoul National University, as the most eminent higher education institute. He had reared numerous students, most of whom later became prominent scholars, business leaders, and high-level bureaucrats. In this sense, Hayhyun was the rebuilder of a (economics and management) college or school. Unlike Marshall, who stayed on campus during his lifetime, Hakhyun had actively participated in civilian movements, fighting against the long lasted military dictatorship. He has fought for democracy, better treatment of workers and the poor, and social as well as economic equality. Naturally numerous students of him joined in these movements. They are often called as members of the Hakhyun School of Economics. Hakhyun revered Marshall deeply. He used to quote Marshall’s dictum that “I will do my best to rear young men (and women) who have cool heads but warm hearts and who would do their best to improve the welfare of the citizens.” Indeed, it was Hkhyun’s lifetime goal to teach his students to have cool heads but warm hearts.