Marginal utility - Knowledge

303:, though it was recognized by earlier thinkers. The apparent contradiction lies in the fact that water possesses a lower economic value than diamonds, even though water is far more vital to human existence. Smith suggested that there was an irrational divide between the 'use value' of something and the 'exchange value'. The things which have the greatest value in use frequently have little or no value in exchange; and likewise, things which have the greatest value in exchange have frequently little or no value in use. Nothing is more useful than water: but it will purchase scarcely anything. A diamond has hardly any practical value in use, but a great quantity of other goods may be had in exchange for it. 150:, a British economist, observed that as you accumulate more of something, your desire for it decreases. Economists refer to this phenomenon as diminishing marginal utility. The law states that as the amount consumed of a commodity increases, other things being equal, the utility derived by the consumer from the additional units, i.e., marginal utility, goes on decreasing. For example, three bites of candy are better than two bites, but the twentieth bite does not add much to the experience beyond the nineteenth (and could even make it worse). This principle is so well established that economists call it the 322:, have raised concerns that individuals may not always behave as portrayed in marginalist theories, highlighting complexities in human decision-making that go beyond simple optimizing behavior. Additionally, utility is difficult to quantify precisely, as it varies significantly from person to person and may not be stable over time. Another limitation lies in measuring the marginal change: while monetary values can be straightforward to track, gauging the utility derived from non-monetary goods like food is more challenging, as individual preferences and the wide range of alternatives complicate accuracy. 1556: 1294: 565: 1080: 260:

decreasing while the other is not increasing, then the individual will demand a greater amount of the item they're acquiring in comparison to the one they're giving up. However, if the two items complement each other, then the exchange ratios might remain constant. In situations where traders can improve their position by offering trades that are more favorable to complementary traders, they are likely to do so.

44:(pleasure or satisfaction resulting from the consumption) of one unit of a good or service. Marginal utility can be positive, negative, or zero. Negative marginal utility implies that every additional unit consumed of a commodity causes more harm than good, leading to a decrease in overall utility. In contrast, positive marginal utility indicates that every additional unit consumed increases overall utility. 3381: 1367:, the first volume of which was published in 1890. Marshall constructed the demand curve with the aid of assumptions that utility was quantified, and that the marginal utility of money was constant (or nearly so). Like Jevons, Marshall did not see an explanation for supply in the theory of marginal utility, so he synthesized an explanation of demand thus explained with supply explained in a more 1013: 279: 1187: 1340:

Fetter and Davenport identified themselves as part of the "American Psychological School", named after the "Austrian Psychological School", while Clark's work during this period was also heavily influenced by Menger. William Smart initially served as a conduit for Austrian School ideas to English-speaking readers but gradually came under the sway of Marshall's ideas.

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of the raw material required to provide the service will increase significantly. This is akin to situations involving massive objects like aircraft carriers, where the quantity of such items is so small that the concept of marginal utility becomes irrelevant, and the decision to acquire them is a simple binary choice between "yes" or "no".

1163:, which presented a marginal utility theory and to a very large extent worked-out its implications for the behavior of a market economy. However, Gossen's work was not well received in the Germany of his time, most copies were destroyed unsold, and he was virtually forgotten until rediscovered after the so-called Marginal Revolution. 307:

any one individual or for some ostensibly typical individual. Rather, individuals are willing to trade based upon the respective marginal utilities of the goods that they have or desire (with these marginal utilities being distinct for each potential trader), and prices thus develop constrained by these marginal utilities.

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is an economic theory and method of analysis that suggests that individuals make economic decisions by weighing the benefits of consuming an additional unit of a good or service against the cost of acquiring it. In other words, value is determined by the additional utility of satisfaction provided by

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This law states that the first units of consumption of a good or service yields more satisfaction or utility than the subsequent units, and there is a continuing reduction in satisfaction or utility for greater amounts. As consumption increases, the additional satisfaction or utility gained from each

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While the approaches of Jevons, Menger, and Walras had notable differences, the second generation of economists did not maintain these distinctions based on national or linguistic boundaries. Von Wieser's work was significantly influenced by Walras, while Wicksteed was strongly influenced by Menger.

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explicitly offered a general marginal utility theory, but did not offer its derivation nor elaborate its implications. The importance of his statement seems to have been lost on everyone (including Lloyd) until the early 20th century, by which time others had independently developed and popularized

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As mentioned earlier in this article, there are instances where marginal utility can increase on a macroeconomic level. For instance, offering a service may only be feasible if it is accessible to the majority or all of the population. At the point where this becomes a reality, the marginal utility

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Price is determined by both marginal utility and marginal cost, and here is the key to the apparent paradox. The marginal cost of water is lower than the marginal cost of diamonds. That is not to say that the price of any good or service is simply a function of the marginal utility that it has for

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Marginal considerations are considerations which concern a slight increase or diminution of the stock of anything which we possess or are considering. Another way to think of the term marginal is the cost or benefit of the next unit used or consumed, for example the benefit that you might get from

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A major reason why quantified models of utility are influential today is that risk and uncertainty have been recognized as central topics in contemporary economic theory. Quantified utility models provide a simplified approach to analysing risky decision by establishing a link between diminishing

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Although some of the third generation of Austrian School economists had by 1911 rejected the quantification of utility while continuing to think in terms of marginal utility, most economists presumed that utility must be a sort of quantity. Indifference curve analysis seemed to represent a way to

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If a person has a good or service that has less value to them compared to another good or service they could trade it for, it would be beneficial for them to make that trade. The marginal gains or losses from further trades will vary as items are exchanged. If the marginal utility of one item is

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utility decreases. If commodity consumption continues to rise, the marginal utility will eventually reach zero, and the total utility will be at its maximum. Beyond that point, any further increase in commodity consumption leads to negative marginal utility, which represents dissatisfaction. For

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Given a concave relationship between objective gains (x-axis) and subjective value (y-axis), each one-unit gain produces a smaller increase in subjective value than the previous gain of an equal unit. The marginal utility, or the change in subjective value above the existing level, diminishes as

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to model decision-making under certainty at a specific point in time. In this approach, the number assignment to an individual's utility for a particular situation hold no significance on their own. Rather, the significance lies in the comparison between two different circumstances and which one

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Despite the fact the Marxist economics was not an immediate target for the marginalists, it is possible to argue that the new generation of economists succeeded partly because they were able to provide simple responses to Marxist economic theory. One of the best known responses was Böhm-Bawerk,

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example, beyond some point, further doses of antibiotics would kill no pathogens at all and might even become harmful to the body. Diminishing marginal utility is traditionally a microeconomic concept and often holds for an individual, although the marginal utility of a good or service might be

1512:, deriving its properties from marginalist theory which assumed utility to be a differentiable function of quantified goods and services. Later work attempted to generalize to the indifference curve formulations of utility and marginal utility in avoiding unobservable measures of utility. 1285:, is sometimes also mentioned. But, while Clark independently arrived at a marginal utility theory, he did little to advance it until it was clear that the followers of Jevons, Menger, and Walras were revolutionizing economics. Nonetheless, his contributions thereafter were profound. 120:

Initially, the term utility equated usefulness with the production of pleasure and avoidance of pain by moral philosophers, Jeremy Bentham and John Stuart Mill. In line with this philosophy, the concept of utility was defined as "the feelings of pleasure and pain" and further as a

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upon which the theory of Economics will be found to turn." He later qualified this in deriving the result that in a model of exchange equilibrium, price ratios would be proportional not only to ratios of "final degrees of utility", but also to costs of production.

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dispense with presumptions of quantification, albeit that a seemingly arbitrary assumption (admitted by Hicks to be a "rabbit out of a hat") about decreasing marginal rates of substitution would then have to be introduced to have convexity of indifference curves.

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acknowledged that "nothing can have value, without being an object of utility", but in his analysis "use-value as such lies outside the sphere of investigation of political economy", with labor being the principal determinant of value under capitalism.

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individuals should be expected to rank possible uses and then to use marginal utility to decide amongst trade-offs. (For this reason, Menger and his followers are sometimes called the Psychological School, though they are more frequently known as the

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holds a higher utility. With ordinal utility, a person's preferences do not have a unique marginal utility, making the concept of diminishing marginal utility irrelevant. On the other hand, diminishing marginal utility is a significant concept in

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The law of diminishing marginal utility is that subjective value changes most dynamically near the zero points and quickly levels off as gains (or losses) accumulate. And it is reflected in the concave shape of most subjective utility functions.

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Although the Marginal Revolution flowed from the work of Jevons, Menger, and Walras, their work might have failed to enter the mainstream were it not for a second generation of economists. In England, the second generation were exemplified by

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Böhm-Bawerk was perhaps the most able expositor of Menger's conception. He was further noted for producing a theory of interest and of profit in equilibrium based upon the interaction of diminishing marginal utility with diminishing

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Numerous economists have established a connection between utility and rarity, which influences economic decisions and price determination. Diamonds are priced higher than water because their marginal utility is higher than water.

1460:. However, over the course of the 20th century, a significant body of literature emerged on the conflict between marginalism and labour theory of value. One important critique of marginalism came from neo-Ricardian economist 1623:

Meanwhile, the Austrian School continued to develop its ordinalist notions of marginal utility analysis, formally demonstrating that from them proceed the decreasing marginal rates of substitution of indifference curves.

1092:, is credited with publishing the first clear statement on the theory of marginal utility in his paper "Specimen theoriae novae de mensura sortis", which was released in 1738, although he had drafted it in 1731 or 1732. 267:, the marginal utility of a given quantity of money is equivalent to the marginal utility of the best good or service that could be purchased with that money. This concept is helpful for explaining the principles of 624: 1270:, the first part of which was published in 1874 in a relatively mathematical exposition. Walras's work found relatively few readers at the time but was recognized and incorporated two decades later in the work of 1247:

or as the Vienna School.) Second, while his illustrative examples present utility as quantified, his essential assumptions do not. (Menger in fact crossed-out the numerical tables in his own copy of the published

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For those who accepted that indifference curve analysis superseded earlier marginal utility analysis, the latter became at best perhaps pedagogically useful, but "old fashioned" and observationally unnecessary.

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manner, determined by costs which were taken to be objectively determined. Marshall later actively mischaracterized the criticism that these costs were themselves ultimately determined by marginal utilities.

908: 754: 89:. Marginal analysis examines the additional benefits of an activity compared to additional costs sustained by that same activity. In practice, companies use marginal analysis to assist them in 1033:(1769), held that value derived from the general utility of the class to which a good belonged, from comparison of present and future wants, and from anticipated difficulties in procurement. 958:

External goods have a limit, like any other instrument, and all things useful are of such a nature that where there is too much of them they must either do harm, or at any rate be of no use.

1604:(1954). Although this hypothesis remains controversial, it brings not only utility, but a quantified conception of utility (cardinal utility), back into the mainstream of economic thought. 1199:

first proposed the theory in "A General Mathematical Theory of Political Economy", a paper presented in 1862 and published in 1863, followed by a series of works culminating in his book

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is an economic concept that refers to the level of satisfaction or benefit that individuals derive from consuming a particular good or service, which is quantified using units known as

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Contemporary mainstream economic theory frequently defers metaphysical questions, and merely notes or assumes that preference structures conforming to certain rules can be usefully

113:). However, determining the exact level of utility that a consumer experiences can be a challenging and abstract task. To overcome this challenge, economists rely on the consent of 1414:

in 1871); Marx was still a relatively minor figure when these works were completed and it is unlikely that any of these economists knew anything about him. Some scholars, such as

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asserted that marginal utilities were the ultimate determinant of demand, yet apparently did not pursue implications, though some interpret his work as indeed doing just that.

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Economists sought to explain how prices are determined, and in this pursuit, they developed the concept of marginal utility. The term "marginal utility", credited to the

5023: 1444:: A Criticism" (1884), followed by "The Jevonian Criticism of Marx: A Rejoinder" in 1885. At first, there were only a few Marxist responses to marginalism, including 1363:

Marshall was the second-generation marginalist whose work on marginal utility came most to inform the mainstream of neoclassical economics, especially by way of his

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In any standard framework, the same object may have different marginal utilities for different people, reflecting different preferences or individual circumstances.

1108:(Cramer) serving as the measure of a sum's desirability. However, the broader implications of this hypothesis were not explored, and the work faded into obscurity. 516: 489: 386: 359: 675: 661: 539: 559: 1612:. In fact, many contemporary analyses of saving and portfolio choice require stronger assumptions than diminishing marginal utility, such as the assumption of 235:

as well. For example, dosages of antibiotics, where having too few pills would leave bacteria with greater resistance, but a full supply could affect a cure.

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There must be a continuity in consumption and if a break in the continuity is necessary, the time interval between the consumption of two units must be short.

4902: 993:, held that value was explained in terms of the general utility and of scarcity, though they did not typically work-out a theory of how these interacted. In 154:

and it is reflected in the concave shape of most utility functions. This concept is fundamental to understanding a variety of economic phenomena, such as

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was not published until July 1867, which was after the works of Jevons, Menger, and Walras had either been written or were under way (Walras published

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where they observe the choices made by consumers and use this information to rank consumption options from the least preferred to the most desirable.

2054: 1426:. However, it is also possible that Marx's inability to formulate a viable critique may account for his failure to complete any further volumes of 2616: 1063:

It is not that pearls fetch a high price because men have dived for them; but on the contrary, men dive for them because they fetch a high price.

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The unit of the good must be standard, e.g., a bottle of cold drink, a pair of shoes, a full mango, etc. The units not be too small or too large.

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derived largely the same results and found a significant audience. (Allen subsequently drew attention to Slutsky's earlier accomplishment.)

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in 1871 that established his reputation as a leading political economist and logician of the time. Jevons' conception of utility was in the

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This idea is used by economics to determine the optimal quantity of a good or service that a consumer is willing to purchase.

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Samuelson, Paul Anthony; "Complementarity: An Essay on the 40th Anniversary of the Hicks-Allen Revolution in Demand Theory",

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Bernoulli, Nicolas; letter of 5 April 1732, acknowledging receipt of "Specimen theoriae novae metiendi sortem pecuniariam" (

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E.T. Berkman, L.E. Kahn, J.L. Livingston (2016). "Chapter 13 Valuation as a Mechanism of Self-Control and Ego Depletion".

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There has been marked disagreement about the development and role of marginal considerations in Aristotle's value theory.

4746: 3495: 3418: 2759: 1253: 637: 1040:, saw value as determined by utility associated with the class to which the good belong, and by estimated scarcity. In 3385: 3110: 2988: 2131: 1975: 1882: 1573:. The marginalists of the revolution, however, had been formally concerned with problems in which there was neither 541:

which is itself quantified, then it becomes possible to speak of the ratio of the marginal utility of the change in

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Kauder, Emil (1953). "Genesis of the Marginal Utility Theory from Aristotle to the End of the Eighteenth Century".

1422:, have speculated that Marx may have come across the works of one or more of these economists while reading at the 172:

All the units of a commodity must be identical, i.e., some in all respects - in size, colour, design, quality, etc.

2600:

Bonnafous, Alain (2017). "Consumer Surplus and Pricing of Transport Infrastructures: The Legacy of Jules Dupuit".

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Die Entwicklung der Gesetze des menschlichen Verkehrs und der daraus fließenden Regeln für menschliches Handeln

1238:) in 1871. Menger's presentation is peculiarly notable on two points. First, he took special pains to explain 1037: 4736: 4566: 3899: 3889: 3582: 1531:, and his own subsequent loss of interest, Slutsky's work drew almost no notice, but similar work in 1934 by 4110: 2952:

It was against Marx's classical economics that the marginalists made a revolution, not against that of Mill.

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Salerno, Joseph T. 1999; "The Place of Mises's Human Action in the Development of Modern Economic Thought".

1899: 4851: 4776: 4731: 4049: 4022: 3342: 2902: 1100:. Both Bernoulli and Cramer concluded that the desirability of money decreases as it accumulates, with the 3072: 1565:

When Cramer and Bernoulli introduced the notion of diminishing marginal utility, it had been to address a

1113:"A Lecture on the Notion of Value as Distinguished Not Only from Utility, but also from Value in Exchange" 1048:(1776), Condillac emphasized that value is not based upon cost but that costs were paid because of value. 5002: 4947: 4514: 4476: 4457: 4034: 3879: 3845: 3830: 3809: 3804: 3091: 2249:

Soudek, Josef (1952). "Aristotle's Theory of Exchange: An Inquiry into the Origin of Economic Analysis".

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their potential profits and often used when making decisions about expanding or reducing production.

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and with modifications including formal disregard for time-preference by Wicksell's American rival

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of Bernoulli and others was revived by various 20th century thinkers, with early contributions by

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5 (1738); reprinted in translation as "Exposition of a New Theory on the Measurement of Risk" in

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Jevons, William Stanley; "Brief Account of a General Mathematical Theory of Political Economy",

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Hicks, John Richard, and Roy George Douglas Allen; "A Reconsideration of the Theory of Value",

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Introductory Lectures on Political Economy, Being part of a course delivered in the Easter term

1930: 1566: 1196: 1190: 1172: 1097: 666: 4995: 4957: 4437: 4120: 4095: 4080: 4054: 3993: 3672: 3612: 3592: 3587: 1639: 1601: 1132: 1120: 1068: 272: 735:{\displaystyle \lim _{\Delta g\to 0}\left.{\frac {\Delta U}{\Delta g}}\right|_{\text{c.p.}}} 4621: 4486: 4190: 3934: 3904: 3857: 3820: 3746: 3697: 3662: 3602: 3567: 3502: 3485: 2507: 2477: 2278: 2071: 1477: 1321: 1219:

predecessors in emphasizing that "value depends entirely upon utility", in particular, on "

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Böhm-Bawerk, Eugen Ritter von. "Grundzüge der Theorie des wirtschaftlichen Güterwerthes",

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White, Michael V. (1992). "Diamonds Are Forever(?): Nassau Senior and Utility Theory".

2534: 2332: 2295: 2258: 2044: 1948: 1528: 1509: 998: 746: 544: 1440:(1896), but the first response was actually Wicksteed's "The Marxian Theory of Value. 4974: 4826: 4821: 4697: 4662: 4637: 4551: 4335: 4310: 4220: 4100: 3988: 3791: 3727: 3692: 3682: 3552: 2933: 2712: 2687: 2127: 2030: 1971: 1878: 1659: 1597: 1445: 1419: 1387: 1150:

applied a conception of marginal utility to the problem of determining bridge tolls.

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There should be no change in taste of the consumer during the process of consumption.

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interpret the doctrines of marginalism and the Marginal Revolution as a response to

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had developed a similar theory in a private letter in 1728, aimed at resolving the

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This last point was famously restated by the Nineteenth Century proto-marginalist,

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Gordon, Barry Lewis John (1964). "Aristotle and the Development of Value Theory".

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in which usefulness can be quantified, the change in utility of moving from state

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Marginalism eventually found a foothold by way of the work of three economists,

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Perhaps the essence of a notion of diminishing marginal utility can be found in

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consuming a piece of chocolate. The key to understanding marginality is through

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Gordon, Scott (1991). "The Scottish Enlightenment of the eighteenth century".

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Kimball, Miles (1990), "Precautionary Saving in the Small and in the Large",

3152: 3087: 2088: 1856:"The Laws of Human Relations and the Rules of Human Action Derived Therefrom" 1609: 1581:. So too with the indifference curve analysis of Slutsky, Hicks, and Allen. 1516: 1472: 1357: 1353: 1275: 1220: 1001:, a pupil of Genovesi, attempted to explain value as a ratio of two ratios, 4791: 4713: 4687: 4682: 4672: 4647: 4405: 4350: 4245: 4235: 4230: 4155: 4000: 3525: 3453: 3319: 2940:(2005). "5. The Triumph of Utilitarianism and the Marginalist Revolution". 1669: 1555: 1468: 1461: 1333: 1147: 982: 970: 331: 4766: 4591: 4380: 4370: 4160: 4039: 3983: 3458: 2824:

Kapital und Kapitalizns. Zweite Abteilung: Positive Theorie des Kapitales

2089:"The Austrian Theory of the Marginal Use and of Ordinal Marginal Utility" 1644: 1578: 1524: 1485: 1400: 1293: 1227: 1176: 1105: 315: 247: 72: 3034:

Wicksteed, Philip Henry; "The Jevonian Criticism of Marx: A Rejoinder",

2024: 619:{\displaystyle \left.{\frac {\Delta U}{\Delta g}}\right|_{\text{c.p.}},} 4642: 4290: 4090: 3867: 3365: 3008: 2581:

Dupuit, Jules (1844). "De la mesure de l'utilité des travaux publics".

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Accordingly, diminishing marginal utility corresponds to the condition

300: 282: 90: 2220: 1009:, with the latter component ratio being the ratio of quantity to use. 4692: 4506: 4140: 4070: 3427: 2916: 2617:"Brief Account of a General Mathematical Theory of Political Economy" 2232: 2123: 1380: 945: 299:

The "paradox of water and diamonds" is most commonly associated with

3337: 2520: 2328: 2291: 1944: 564: 4927: 4796: 4677: 3919: 3356: 3201:, Chapter I. "Utility and Preference" §8, p. 23 in the 2nd edition. 1801:

Brief Account of a General Mathematical Theory of Political Economy

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have worked to rebuild Marxian theses on a marginalist foundation.

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has many limitations and economic theories. Some scholars, such as

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by associating goods, services, or their uses with quantities, and

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Bernoulli, Daniel; "Specimen theoriae novae de mensura sortis" in

2395:(1983), Chapter 5 "Refined Mercantilism", "Italian Mercantilists". 2204:Über den Ursprung und die Hauptgesetze des wirtschaftlichen Wertes 1012: 1679: 1395: 1079: 102: 40: 3099:. Macquarie University School of Economic and Financial Studies. 1398:. However, this view is somewhat flawed, as the first volume of 1352:. This theory was adopted in full and then further developed by 254: 3380: 2434:

Bernoulli, Daniel; letter of 4 July 1731 to Nicolas Bernoulli (

1256:. Menger's work found a significant and appreciative audience. 2106:

An Inquiry into the Nature and Causes of the Wealth of Nations

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solely from properties of indifference curves. Because of the

903:{\displaystyle {\frac {\partial ^{2}U}{\partial g^{2}}}<0.} 1475:

view marginalism and neoclassical economics as a response to

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refers to a small change, starting from some baseline level.

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The consumer is rational while taking consumption decisions.

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Neo-classical Economics as a Stratagem Against Henry George

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Commentarii Academiae Scientiarum Imperialis Petropolitanae

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There should be no change in the price of substitute goods.

2907:(Completed in 1857 though not published until much later.) 2779:

The New Palgrave: A Dictionary of Economics, v. 4, p. 862.

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What Can the Law of Diminishing Marginal Utility Teach Us?

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Réflexions sur la formation et la distribution de richesse

3065:Буха́рин, Никола́й Ива́нович (Nikolai Ivanovich Bukharin) 2120:

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R. D. Collison Brown (1987), "Jevons, William Stanley",

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Introduction to the Principles of Morals and Legislation

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1919:"TProspect Theory: An Analysis of Decision under Risk" 142: 4903:

Existential risk from artificial general intelligence

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Wicksteed, Philip Henry; "Das Kapital: A Criticism",

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All-Party Parliamentary Group for Future Generations

3153:Слуцкий, Евгений Евгениевич (Slutsky, Yevgyeniy Ye.) 2828:

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As the rate of commodity acquisition increases, the

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additional unit consumed falls, a concept known as

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A Contribution to the Critique of Political Economy

2108:(1776) Chapter IV. "Of the Origin and Use of Money" 745:exists, and use "marginal utility" to refer to the 518:are distinguishable by values of just one variable 1877:(18th ed.). Macmillan Education. p. 34. 1375: 902: 839: 734: 655: 618: 568:Diminishing marginal utility, given quantification 553: 533: 510: 483: 453: 380: 353: 3239:Ramsey, Frank Plumpton; "Truth and Probability" ( 2734:International Encyclopedia of the Social Sciences 2251:Proceedings of the American Philosophical Society 1117:Lectures on Population, Value, Poor Laws and Rent 5067: 2963: 2932: 2505:(1903). "On Some Neglected British Economists". 2012:"Marginal Utility & its Diminishing Methods" 1992:"Marginal Utility & its Diminishing Methods" 782: 680: 288: 3308:(2006), Ch. 3, pp. 71–72. Blackwell Publishing. 3155:; "Sulla teoria del bilancio del consumatore", 2719: 2385: 2219:(1889), Book I, Chapter V, "Marginal Utility" ( 1916: 939: 4742:Centre for Enabling EA Learning & Research 3291:Diamond, Peter, and Michael Rothschild, eds.: 2869: 1129:An Outline of the Science of Political Economy 325: 5031:Superintelligence: Paths, Dangers, Strategies 4522: 3412: 2083: 2081: 1142:De la mesure de l'utilité des travaux publics 255:Market price and diminishing marginal utility 4607:Psychological barriers to effective altruism 2943:An Outline of the History of Economic Theory 2807:Jahrbüche für Nationalökonomie und Statistik 1435: 1405: 1264: 1158: 1140: 1042: 1027: 931: 3217:, Chapter I. "Utility and Preference" §7–8. 3209: 3207: 2977:. University of Chicago Press. p. 150. 2667:The New Palgrave: A Dictionary of Economics 2476:Cramer, Garbriel; letter of 21 May 1728 to 2209: 2053:) CS1 maint: multiple names: authors list ( 454:{\displaystyle \Delta U=U(S_{2})-U(S_{1}).} 4577:Distributional cost-effectiveness analysis 4529: 4515: 3419: 3405: 2974:The Fatal Conceit: The Errors of Socialism 2788: 2786: 2343: 2196: 2078: 2049:: CS1 maint: location missing publisher ( 1057:Introductory Lectures on Political Economy 310: 3355: 3263:von Neumann, John and Oskar Morgenstern; 3220: 3123: 2777:Donald A. Walker (1987), "Walras, Léon" 2599: 2528: 1934: 1071:is noted below as an early marginalist.) 4752:Centre for the Study of Existential Risk 3306:Finance and the Economics of Uncertainty 3282:(1954), New York: John Wiley & Sons. 3204: 3186:Theorie des Geldes und der Umlaufsmittel 3074:The Economic Theory of the Leisure Class 2705:"Principles of Economics by Carl Menger" 2501: 2146: 1872: 1825:The theory of consumer choice and demand 1805:Journal of the Royal Statistical Society 1787:Journal of the Royal Statistical Society 1554: 1292: 1185: 1078: 1011: 563: 277: 271:, and is essential aspects of models of 27:Benefit derived from consuming a product 4832:Machine Intelligence Research Institute 3086: 2783: 2681:"Grundsätze der Volkswirthschaftslehre" 14: 5068: 4536: 3335: 2832:Further Essays on Capital and Interest 2678: 2614: 2580: 2312: 2275: 2269: 2248: 2149:"The paradox of value-Akshita Agarwal" 2117: 1166: 4510: 3400: 3266:Theory of Games and Economic Behavior 3175: 2794:Quarterly Journal of Economic Thought 2752: 2551: 2160: 2158: 2066: 2064: 2006: 2004: 1757:The Common Sense of Political Economy 1736:"Law of Diminishing Marginal Utility" 930:, was a translation of Wieser's term 669:will typically assume that the limit 242: 152:"law of diminishing marginal utility" 2747:A History of Marginal Utility Theory 1897: 1853: 1288: 1232:Grundsätze der Volkswirtschaftslehre 1115:, delivered in 1833 and included in 136:"utility" as such a quantification. 70:In the study of economics, the term 53:law of diminishing marginal utility. 4747:Center for High Impact Philanthropy 3496:Agent-based computational economics 3304:Demange, Gabriel, and Guy Laroque: 3007:Staatswiss. Arbeiten. Festgabe für 3003:Zum Abschluss des Marxschen Systems 2926: 2650:W. Stanley Jevons (1879, 2nd ed.), 2029:. United States. pp. 255–279. 1437:Zum Abschluss des Marxschen Systems 1254:law of diminishing marginal utility 143:Law of diminishing marginal utility 109:(derived from the Spanish word for 24: 3338:"The Futility of Marginal Utility" 3329: 3124:Edgeworth, Francis Ysidro (1881). 2811:Basic Principles of Economic Value 2568:10.1111/j.1467-9957.1992.tb00211.x 2155: 2061: 2001: 1410:in 1874 and Carl Menger published 1407:Éléments d'économie politique pure 1266:Éléments d'économie politique pure 1075:Marginalists before the Revolution 878: 864: 815: 807: 786: 769: 761: 713: 705: 684: 594: 586: 398: 25: 5112: 3373: 2072:"Marginal utility theory (1870S)" 1965: 1038:Étienne Bonnot, Abbé de Condillac 51:, liberal economists postulate a 4587:Equal consideration of interests 3954:neoclassical–Keynesian synthesis 3379: 3001:Böhm-Bawerk, Eugen Ritter von: " 2615:Jevons, William Stanley (1866). 2166:"Marginalism | Encyclopedia.com" 2093:Zeitschrift für Nationalökonomie 1821:A Course in Microeconomic Theory 1759:(1910), Bk I Ch 2 and elsewhere. 1495: 4989:Famine, Affluence, and Morality 4757:Development Media International 3311: 3298: 3285: 3272: 3257: 3233: 3191: 3162: 3146: 3117: 3080: 3058: 3053:Böhm-Bawerk's Criticism of Marx 3041: 3028: 3015: 2995: 2957: 2910: 2895: 2882: 2856: 2837: 2822:Böhm-Bawerk, Eugen Ritter von; 2816: 2799: 2771: 2758:Polleit, Thorsten (2011-02-11) 2739: 2697: 2672: 2659: 2653:The Theory of Political Economy 2644: 2639:The Theory of Political Economy 2631: 2608: 2593: 2574: 2545: 2495: 2470: 2449: 2428: 2411: 2398: 2393:A History of Economic Reasoning 2380:A History of Economic Reasoning 2369: 2356: 2306: 2242: 2226: 2183: 2140: 2111: 2098: 2095:37 (1977) #3&4 (September). 2027:Self-Regulation and Ego Control 2018: 1984: 1959: 1910: 1891: 1866: 1847: 1481:, which was published in 1879. 1376:Marginal Revolution and Marxism 1201:The Theory of Political Economy 80:explained the term as follows: 4953:Risk of astronomical suffering 3228:Journal of Economic Literature 2879:(1954) Part IV, Chapter 6, §4. 2583:Annales des ponts et chaussées 2366:(1995) Chapters 1, 2, & 6. 2316:Quarterly Journal of Economics 1834: 1810: 1793: 1778: 1762: 1746: 1728: 1710: 1692: 1044:De commerce et le gouvernement 1036:Like the Italian mercantists, 792: 690: 445: 432: 423: 410: 65: 13: 1: 4737:Centre for Effective Altruism 4567:Disability-adjusted life year 3890:Critique of political economy 3426: 3109:: CS1 maint: date and year ( 2987:: CS1 maint: date and year ( 2845:Über Wert, Kapital unde Rente 2843:Wicksell, Johan Gustaf Knut; 2364:Aristoteles' Economic Thought 2353:(1954) Part II, Chapter 1 §3. 1970:(18th ed.). p. 35. 1686: 1252:.) Menger also developed the 289:Paradox of water and diamonds 59:diminishing marginal utility. 4852:Raising for Effective Giving 4777:Future of Humanity Institute 3343:Journal of Political Economy 3069:Политической экономии рантье 2877:History of Economic Analysis 2830:with appendices rendered as 2809:v 13 (1886). Translated as 2351:History of Economic Analysis 1454:Politicheskoy ekonomii rante 991:Count Giovanni Rinaldo Carli 940:Proto-marginalist approaches 561:to the size of that change: 18:Diminishing marginal utility 7: 5003:Living High and Letting Die 4948:Neglected tropical diseases 3392:Maximization of Originality 2969:Bartley III, William Warren 2965:Hayek, Friedrich August von 2621:socserv2.socsci.mcmaster.ca 1842:The Economics of Enterprise 1840:Davenport, Herbert Joseph; 1740:Corporate Finance institute 1675:Theory of value (economics) 1627: 1586:expected utility hypothesis 1215:, but he differed from his 987:Marchese Cesare di Beccaria 969:Eighteenth-century Italian 326:Quantified marginal utility 215:in modern economic theory. 203:, which is used to analyse 10: 5117: 4719:Against Malaria Foundation 4612:Quality-adjusted life year 4028:Real business-cycle theory 3182:von Mises, Ludwig Heinrich 3133:socialsciences.mcmaster.ca 2892:, Volume 1, Chapter 1, §1. 2875:Schumpeter, Joseph Alois; 2726:Georgescu-Roegen, Nicholas 2709:Ludwig von Mises Institute 2349:Schumpeter, Joseph Alois; 2087:Mc Culloch, James Huston; 1550: 1023:Anne Robert Jacques Turgot 913: 292: 251:each extra unit consumed. 181:The utility is measurable. 97: 5055:Effective Altruism Global 5047: 4982:The End of Animal Farming 4966: 4875: 4842:Nuclear Threat Initiative 4727:Animal Charity Evaluators 4706: 4630: 4544: 4468: 4426: 4068: 3802: 3551: 3516: 3434: 3280:Foundations of Statistics 3213:Hicks, Sir John Richard; 3197:Hicks, Sir John Richard; 3157:Giornale degli Economisti 1844:(1913) Ch VII, pp. 86–87. 1799:Jevons, William Stanley; 1262:introduced the theory in 194:Modern economics employs 5010:The Most Good You Can Do 4923:Intensive animal farming 4908:Global catastrophic risk 4782:Future of Life Institute 3293:Uncertainty in Economics 3278:Savage, Leonard Jimmie: 3049:Böhm-Bawerks Marx-Kritik 2202:von Wieser, Friedrich; 1917:D.K. & A.T. (1979). 1900:"The utility of bad art" 1873:Sethi, D.K; Andrews, U. 1506:Francis Ysidro Edgeworth 1450:Böhm-Bawerks Marx-Kritik 1330:Herbert Joseph Davenport 1260:Marie-Esprit-Léon Walras 1230:presented the theory in 263:In an economy that uses 209:choice under uncertainty 38:describes the change in 4812:The Good Food Institute 4562:Demandingness objection 3668:Industrial organization 3491:Computational economics 3295:(1989). Academic Press. 3126:"Mathematical psychics" 2948:Oxford University Press 2850:Value, Capital and Rent 2637:Stanley Jevons (1871), 2530:2027/hvd.32044081864944 2215:Wieser, Friedrich von; 2191:Principles of Economics 1829:Utility representations 1753:Wicksteed, Philip Henry 1412:Principles of Economics 1365:Principles of Economics 1236:Principles of Economics 1155:Hermann Heinrich Gossen 311:Marginalism limitations 5101:Management cybernetics 5038:What We Owe the Future 4867:Wild Animal Initiative 4602:Moral circle expansion 3873:Modern monetary theory 3538:Experimental economics 3508:Pluralism in economics 3481:Mathematical economics 3336:Downey, E. H. (1910). 3071:(1914). Translated as 3051:(1904). Translated as 2847:(1893). Translated as 2826:(1889). Translated as 1562: 1436: 1406: 1306:Philip Henry Wicksteed 1300: 1265: 1197:William Stanley Jevons 1193: 1191:William Stanley Jevons 1159: 1141: 1098:St. Petersburg paradox 1086: 1065: 1043: 1028: 1019: 960: 932: 904: 841: 736: 667:neoclassical economics 657: 620: 569: 555: 535: 512: 485: 455: 382: 355: 285: 95: 4996:The Life You Can Save 4958:Wild animal suffering 3025:2 (1884) pp. 388–409. 2901:Marx, Karl Heinrich; 2888:Marx, Karl Heinrich; 2679:Menger, Carl (1871). 2555:The Manchester School 1722:Intelligent Economist 1640:Economic subjectivism 1608:marginal utility and 1558: 1502:Mathematical Psychics 1346:marginal productivity 1318:Eugen von Böhm-Bawerk 1296: 1189: 1133:Nassau William Senior 1121:William Forster Lloyd 1082: 1061: 1015: 956: 905: 842: 737: 658: 633:" indicates that the 621: 567: 556: 536: 513: 511:{\displaystyle S_{2}} 486: 484:{\displaystyle S_{1}} 456: 383: 381:{\displaystyle S_{2}} 356: 354:{\displaystyle S_{1}} 281: 273:imperfect competition 115:revealed preferences, 82: 4622:Venture philanthropy 3747:Social choice theory 3503:Behavioral economics 3486:Complexity economics 3388:at Wikimedia Commons 3047:Hilferding, Rudolf: 2950:. pp. 170–173. 2627:on 15 December 2006. 2508:The Economic Journal 2279:The Economic Journal 2217:Der natürliche Werth 2193:, Chapter 3, Note 3. 2170:www.encyclopedia.com 1529:Bolshevik Revolution 1519:derived a theory of 1478:Progress and Poverty 1328:; and in America by 1324:; in Switzerland by 1322:Friedrich von Wieser 954:, wherein he writes 924:Friedrich von Wieser 857: 755: 676: 644: 638:independent variable 576: 545: 522: 495: 468: 395: 365: 338: 205:intertemporal choice 32:mainstream economics 4857:Sentience Institute 3831:American (National) 3531:Economic statistics 3323:, 58 (1) pp. 53–73. 3038:3 (1885) pp. 177–9. 2917:Marx, Karl Heinrich 2669:, v. 2, pp. 1008–9. 2239:, Book 7 Chapter 1. 2014:. 5 September 2023. 1968:Frack ISC Economics 1875:Frank ISC Economics 1807:v29 (June 1866) §4. 1790:v29 (June 1866) §2. 1775:, Chapter I §I–III. 1665:Rivalry (economics) 1635:Diminishing returns 1567:paradox of gambling 1490:analytical Marxists 1167:Marginal Revolution 1067:(Whatley's student 4938:Malaria prevention 4898:Economic stability 4883:Biotechnology risk 4837:Malaria Consortium 4802:Giving What We Can 4772:Fistula Foundation 4557:Charity assessment 4538:Effective altruism 3250:), Chapter VII in 3246:2008-02-27 at the 2934:Screpanti, Ernesto 2864:Theory of Interest 2602:University of Lyon 2503:Seligman, E. R. A. 2488:2008-09-09 at the 2478:Nicolaus Bernoulli 2463:2008-09-09 at the 2442:2008-09-09 at the 2404:Whately, Richard; 2189:Marshall, Alfred; 1718:"Marginal Utility" 1700:"Marginal Utility" 1620:marginal utility. 1569:, rather than the 1563: 1533:John Richard Hicks 1510:indifference curve 1430:before his death. 1301: 1194: 1124:the same insight. 1087: 1020: 999:Ferdinando Galiani 900: 837: 799: 747:partial derivative 732: 697: 656:{\displaystyle g.} 653: 616: 570: 551: 534:{\displaystyle g,} 531: 508: 481: 451: 378: 351: 286: 243:Marginalist theory 47:In the context of 5086:Welfare economics 5076:Marginal concepts 5063: 5062: 4975:Doing Good Better 4847:Open Philanthropy 4827:Mercy for Animals 4822:The Humane League 4698:Eliezer Yudkowsky 4663:William MacAskill 4638:Sam Bankman-Fried 4552:Aid effectiveness 4504: 4503: 4035:New institutional 3384:Media related to 3215:Value and Capital 3199:Value and Capital 3142:on 23 March 2018. 2585:. Second series. 2036:978-0-12-801850-7 1817:Kreps, David Marc 1660:Pareto efficiency 1500:In his 1881 work 1471:'s ideas such as 1446:Rudolf Hilferding 1420:W. W. Bartley III 1396:Marxist economics 1388:Ernesto Screpanti 1348:of time and with 1289:Second generation 1102:natural logarithm 892: 831: 822: 781: 776: 729: 720: 679: 610: 601: 554:{\displaystyle g} 320:Warren J. Samuels 269:supply and demand 87:marginal analysis 16:(Redirected from 5108: 5017:Practical Ethics 4668:Dustin Moskovitz 4658:Holden Karnofsky 4597:Marginal utility 4531: 4524: 4517: 4508: 4507: 3708:Natural resource 3543:Economic history 3469:Mechanism design 3421: 3414: 3407: 3398: 3397: 3386:Marginal utility 3383: 3369: 3359: 3324: 3315: 3309: 3302: 3296: 3289: 3283: 3276: 3270: 3261: 3255: 3237: 3231: 3224: 3218: 3211: 3202: 3195: 3189: 3179: 3173: 3166: 3160: 3150: 3144: 3143: 3141: 3135:. 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Archived from 2612: 2606: 2605: 2597: 2591: 2590: 2578: 2572: 2571: 2549: 2543: 2542: 2532: 2499: 2493: 2482:Excerpted in PDF 2474: 2468: 2457:Excerpted in PDF 2453: 2447: 2436:Excerpted in PDF 2432: 2426: 2415: 2409: 2402: 2396: 2389: 2383: 2373: 2367: 2360: 2354: 2347: 2341: 2340: 2310: 2304: 2303: 2273: 2267: 2266: 2246: 2240: 2230: 2224: 2213: 2207: 2206:(1884), p. 128. 2200: 2194: 2187: 2181: 2180: 2178: 2176: 2162: 2153: 2152: 2144: 2138: 2137: 2115: 2109: 2102: 2096: 2085: 2076: 2075: 2074:. 29 April 2020. 2068: 2059: 2058: 2048: 2040: 2022: 2016: 2015: 2008: 1999: 1998: 1996: 1988: 1982: 1981: 1963: 1957: 1956: 1938: 1914: 1908: 1907: 1895: 1889: 1888: 1870: 1864: 1863: 1851: 1845: 1838: 1832: 1814: 1808: 1797: 1791: 1782: 1776: 1766: 1760: 1750: 1744: 1743: 1732: 1726: 1725: 1714: 1708: 1707: 1704:Britannica Money 1696: 1655:Paradox of value 1571:paradox of value 1560:John von Neumann 1458:Nikolai Bukharin 1439: 1409: 1316:; in Austria by 1283:John Bates Clark 1268: 1213:John Stuart Mill 1183:in Switzerland. 1179:in Austria, and 1162: 1144: 1090:Daniel Bernoulli 1046: 1031: 975:Antonio Genovesi 936:("border-use"). 935: 909: 907: 906: 901: 893: 891: 890: 889: 876: 872: 871: 861: 846: 844: 843: 838: 833: 832: 829: 827: 823: 821: 813: 805: 798: 777: 775: 767: 759: 741: 739: 738: 733: 731: 730: 727: 725: 721: 719: 711: 703: 696: 662: 660: 659: 654: 625: 623: 622: 617: 612: 611: 608: 606: 602: 600: 592: 584: 560: 558: 557: 552: 540: 538: 537: 532: 517: 515: 514: 509: 507: 506: 490: 488: 487: 482: 480: 479: 460: 458: 457: 452: 444: 443: 422: 421: 387: 385: 384: 379: 377: 376: 360: 358: 357: 352: 350: 349: 295:Paradox of value 223:gains increase. 201:cardinal utility 78:Philip Wicksteed 49:cardinal utility 36:marginal utility 21: 5116: 5115: 5111: 5110: 5109: 5107: 5106: 5105: 5096:Austrian School 5066: 5065: 5064: 5059: 5043: 4962: 4928:Land use reform 4871: 4787:Founders Pledge 4762:Evidence Action 4702: 4626: 4582:Earning to give 4540: 4535: 4505: 4500: 4497:Business portal 4464: 4463: 4462: 4422: 4186:von Böhm-Bawerk 4074: 4073: 4064: 3836:Ancient thought 3814: 3813: 3807: 3798: 3797: 3796: 3547: 3512: 3464:Contract theory 3449:Decision theory 3430: 3425: 3376: 3332: 3330:Further reading 3327: 3316: 3312: 3303: 3299: 3290: 3286: 3277: 3273: 3262: 3258: 3248:Wayback Machine 3238: 3234: 3225: 3221: 3212: 3205: 3196: 3192: 3180: 3176: 3167: 3163: 3151: 3147: 3139: 3128: 3122: 3118: 3102: 3101: 3096: 3085: 3081: 3063: 3059: 3046: 3042: 3033: 3029: 3020: 3016: 3000: 2996: 2980: 2979: 2962: 2958: 2931: 2927: 2923:(1859), p. 276. 2915: 2911: 2900: 2896: 2887: 2883: 2874: 2870: 2861: 2857: 2842: 2838: 2821: 2817: 2804: 2800: 2791: 2784: 2776: 2772: 2765:Mises Institute 2757: 2753: 2744: 2740: 2724: 2720: 2703: 2702: 2698: 2693:on 28 May 2008. 2690: 2683: 2677: 2673: 2664: 2660: 2649: 2645: 2636: 2632: 2613: 2609: 2598: 2594: 2579: 2575: 2550: 2546: 2521:10.2307/2221519 2500: 2496: 2490:Wayback Machine 2475: 2471: 2465:Wayback Machine 2454: 2450: 2444:Wayback Machine 2433: 2429: 2416: 2412: 2403: 2399: 2391:Pribram, Karl; 2390: 2386: 2374: 2370: 2362:Meikle, Scott; 2361: 2357: 2348: 2344: 2329:10.2307/1880547 2311: 2307: 2292:10.2307/2226451 2286:(251): 638–50. 2274: 2270: 2247: 2243: 2231: 2227: 2214: 2210: 2201: 2197: 2188: 2184: 2174: 2172: 2164: 2163: 2156: 2145: 2141: 2134: 2116: 2112: 2103: 2099: 2086: 2079: 2070: 2069: 2062: 2042: 2041: 2037: 2023: 2019: 2010: 2009: 2002: 1994: 1990: 1989: 1985: 1978: 1964: 1960: 1945:10.2307/1914185 1936:10.1.1.592.6674 1915: 1911: 1896: 1892: 1885: 1871: 1867: 1852: 1848: 1839: 1835: 1823:, Chapter two: 1815: 1811: 1798: 1794: 1783: 1779: 1769:Bentham, Jeremy 1767: 1763: 1751: 1747: 1734: 1733: 1729: 1724:. January 2020. 1716: 1715: 1711: 1698: 1697: 1693: 1689: 1684: 1630: 1553: 1521:consumer choice 1498: 1416:Friedrich Hayek 1392:Stefano Zamagni 1378: 1350:time preference 1334:Frank A. Fetter 1326:Vilfredo Pareto 1314:Alfred Marshall 1298:Vilfredo Pareto 1291: 1245:Austrian School 1234:(translated as 1169: 1104:(Bernoulli) or 1077: 1053:Richard Whately 1017:Richard Whately 979:Giammaria Ortes 942: 928:Alfred Marshall 916: 885: 881: 877: 867: 863: 862: 860: 858: 855: 854: 828: 814: 806: 804: 801: 800: 785: 768: 760: 758: 756: 753: 752: 726: 712: 704: 702: 699: 698: 683: 677: 674: 673: 645: 642: 641: 607: 593: 585: 583: 580: 579: 577: 574: 573: 546: 543: 542: 523: 520: 519: 502: 498: 496: 493: 492: 475: 471: 469: 466: 465: 439: 435: 417: 413: 396: 393: 392: 372: 368: 366: 363: 362: 345: 341: 339: 336: 335: 328: 313: 297: 291: 257: 245: 196:ordinal utility 156:time preference 148:Alfred Marshall 145: 100: 68: 28: 23: 22: 15: 12: 11: 5: 5114: 5104: 5103: 5098: 5093: 5091:Economics laws 5088: 5083: 5078: 5061: 5060: 5058: 5057: 5051: 5049: 5045: 5044: 5042: 5041: 5034: 5027: 5020: 5013: 5006: 4999: 4992: 4985: 4978: 4970: 4968: 4964: 4963: 4961: 4960: 4955: 4950: 4945: 4943:Mass deworming 4940: 4935: 4933:Life extension 4930: 4925: 4920: 4918:Global poverty 4915: 4910: 4905: 4900: 4895: 4890: 4888:Climate change 4885: 4879: 4877: 4873: 4872: 4870: 4869: 4864: 4862:Unlimit Health 4859: 4854: 4849: 4844: 4839: 4834: 4829: 4824: 4819: 4814: 4809: 4807:Good Food Fund 4804: 4799: 4794: 4789: 4784: 4779: 4774: 4769: 4764: 4759: 4754: 4749: 4744: 4739: 4734: 4729: 4724: 4721: 4716: 4710: 4708: 4704: 4703: 4701: 4700: 4695: 4690: 4685: 4680: 4675: 4670: 4665: 4660: 4655: 4653:Hilary Greaves 4650: 4645: 4640: 4634: 4632: 4628: 4627: 4625: 4624: 4619: 4617:Utilitarianism 4614: 4609: 4604: 4599: 4594: 4589: 4584: 4579: 4574: 4572:Disease burden 4569: 4564: 4559: 4554: 4548: 4546: 4542: 4541: 4534: 4533: 4526: 4519: 4511: 4502: 4501: 4499: 4494: 4489: 4484: 4479: 4474: 4469: 4466: 4465: 4461: 4460: 4455: 4445: 4440: 4434: 4433: 4432: 4430: 4424: 4423: 4421: 4420: 4413: 4408: 4403: 4398: 4393: 4388: 4383: 4378: 4373: 4368: 4363: 4358: 4353: 4348: 4343: 4338: 4333: 4328: 4323: 4318: 4313: 4308: 4303: 4298: 4293: 4288: 4283: 4278: 4273: 4268: 4263: 4258: 4253: 4248: 4243: 4238: 4233: 4228: 4223: 4218: 4213: 4208: 4203: 4198: 4193: 4188: 4183: 4178: 4173: 4168: 4163: 4158: 4153: 4148: 4143: 4138: 4133: 4128: 4123: 4118: 4113: 4108: 4103: 4098: 4093: 4088: 4083: 4077: 4075: 4069: 4066: 4065: 4063: 4062: 4057: 4052: 4047: 4042: 4037: 4032: 4031: 4030: 4020: 4019: 4018: 4008: 4003: 3998: 3997: 3996: 3986: 3981: 3976: 3975: 3974: 3973: 3972: 3962: 3957: 3942: 3937: 3932: 3927: 3922: 3917: 3912: 3907: 3902: 3900:Disequilibrium 3897: 3892: 3887: 3882: 3877: 3876: 3875: 3865: 3860: 3855: 3850: 3849: 3848: 3838: 3833: 3828: 3823: 3817: 3815: 3803: 3800: 3799: 3795: 3794: 3789: 3784: 3779: 3774: 3769: 3764: 3759: 3754: 3749: 3740: 3735: 3730: 3725: 3720: 3715: 3713:Organizational 3710: 3705: 3700: 3695: 3690: 3685: 3680: 3675: 3670: 3665: 3660: 3655: 3650: 3645: 3640: 3635: 3630: 3625: 3620: 3615: 3610: 3605: 3600: 3595: 3590: 3585: 3580: 3575: 3570: 3565: 3559: 3558: 3557: 3555: 3549: 3548: 3546: 3545: 3540: 3535: 3534: 3533: 3522: 3520: 3514: 3513: 3511: 3510: 3505: 3500: 3499: 3498: 3488: 3483: 3478: 3476:Macroeconomics 3473: 3472: 3471: 3466: 3461: 3456: 3451: 3444:Microeconomics 3440: 3438: 3432: 3431: 3424: 3423: 3416: 3409: 3401: 3395: 3394: 3389: 3375: 3374:External links 3372: 3371: 3370: 3357:10.1086/251690 3350:(4): 253–268. 3331: 3328: 3326: 3325: 3310: 3297: 3284: 3271: 3256: 3232: 3230:vol 12 (1974). 3219: 3203: 3190: 3174: 3161: 3145: 3116: 3088:Gaffney, Mason 3079: 3057: 3040: 3027: 3014: 2994: 2956: 2925: 2909: 2894: 2881: 2868: 2855: 2836: 2815: 2798: 2782: 2770: 2751: 2749:(1965), p. 76. 2745:Kauder, Emil; 2738: 2718: 2696: 2671: 2658: 2643: 2630: 2607: 2592: 2573: 2544: 2515:(51): 335–63. 2494: 2469: 2448: 2427: 2410: 2397: 2384: 2368: 2355: 2342: 2305: 2268: 2241: 2225: 2208: 2195: 2182: 2154: 2147:Alex Gendler. 2139: 2132: 2110: 2097: 2077: 2060: 2035: 2017: 2000: 1983: 1976: 1958: 1929:(2): 263–291. 1909: 1890: 1883: 1865: 1846: 1833: 1809: 1792: 1777: 1761: 1745: 1727: 1709: 1690: 1688: 1685: 1683: 1682: 1677: 1672: 1667: 1662: 1657: 1652: 1650:Microeconomics 1647: 1642: 1637: 1631: 1629: 1626: 1616:, which means 1552: 1549: 1537:R. G. D. Allen 1508:presented the 1497: 1494: 1424:British Museum 1377: 1374: 1290: 1287: 1209:Jeremy Bentham 1168: 1165: 1094:Gabriel Cramer 1084:Gabriel Cramer 1076: 1073: 1059:(1832) wrote: 941: 938: 915: 912: 911: 910: 899: 896: 888: 884: 880: 875: 870: 866: 848: 847: 836: 826: 820: 817: 812: 809: 803: 797: 794: 791: 788: 784: 780: 774: 771: 766: 763: 743: 742: 724: 718: 715: 710: 707: 701: 695: 692: 689: 686: 682: 652: 649: 627: 626: 615: 605: 599: 596: 591: 588: 582: 550: 530: 527: 505: 501: 478: 474: 462: 461: 450: 447: 442: 438: 434: 431: 428: 425: 420: 416: 412: 409: 406: 403: 400: 375: 371: 348: 344: 327: 324: 312: 309: 293:Main article: 290: 287: 256: 253: 244: 241: 213:social welfare 192: 191: 188: 185: 182: 179: 176: 173: 160:value of goods 144: 141: 99: 96: 67: 64: 26: 9: 6: 4: 3: 2: 5113: 5102: 5099: 5097: 5094: 5092: 5089: 5087: 5084: 5082: 5079: 5077: 5074: 5073: 5071: 5056: 5053: 5052: 5050: 5046: 5040: 5039: 5035: 5033: 5032: 5028: 5026: 5025: 5024:The Precipice 5021: 5019: 5018: 5014: 5012: 5011: 5007: 5005: 5004: 5000: 4998: 4997: 4993: 4991: 4990: 4986: 4984: 4983: 4979: 4977: 4976: 4972: 4971: 4969: 4965: 4959: 4956: 4954: 4951: 4949: 4946: 4944: 4941: 4939: 4936: 4934: 4931: 4929: 4926: 4924: 4921: 4919: 4916: 4914: 4913:Global health 4911: 4909: 4906: 4904: 4901: 4899: 4896: 4894: 4893:Cultured meat 4891: 4889: 4886: 4884: 4881: 4880: 4878: 4874: 4868: 4865: 4863: 4860: 4858: 4855: 4853: 4850: 4848: 4845: 4843: 4840: 4838: 4835: 4833: 4830: 4828: 4825: 4823: 4820: 4818: 4817:Good Ventures 4815: 4813: 4810: 4808: 4805: 4803: 4800: 4798: 4795: 4793: 4790: 4788: 4785: 4783: 4780: 4778: 4775: 4773: 4770: 4768: 4765: 4763: 4760: 4758: 4755: 4753: 4750: 4748: 4745: 4743: 4740: 4738: 4735: 4733: 4732:Animal Ethics 4730: 4728: 4725: 4722: 4720: 4717: 4715: 4712: 4711: 4709: 4707:Organizations 4705: 4699: 4696: 4694: 4691: 4689: 4686: 4684: 4681: 4679: 4676: 4674: 4671: 4669: 4666: 4664: 4661: 4659: 4656: 4654: 4651: 4649: 4646: 4644: 4641: 4639: 4636: 4635: 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3778: 3775: 3773: 3770: 3768: 3765: 3763: 3760: 3758: 3755: 3753: 3750: 3748: 3744: 3743:Public choice 3741: 3739: 3736: 3734: 3731: 3729: 3726: 3724: 3721: 3719: 3718:Participation 3716: 3714: 3711: 3709: 3706: 3704: 3701: 3699: 3696: 3694: 3691: 3689: 3686: 3684: 3681: 3679: 3678:Institutional 3676: 3674: 3671: 3669: 3666: 3664: 3661: 3659: 3656: 3654: 3651: 3649: 3646: 3644: 3641: 3639: 3636: 3634: 3631: 3629: 3628:Expeditionary 3626: 3624: 3621: 3619: 3618:Environmental 3616: 3614: 3611: 3609: 3606: 3604: 3601: 3599: 3596: 3594: 3591: 3589: 3586: 3584: 3581: 3579: 3576: 3574: 3571: 3569: 3566: 3564: 3561: 3560: 3556: 3554: 3550: 3544: 3541: 3539: 3536: 3532: 3529: 3528: 3527: 3524: 3523: 3521: 3519: 3515: 3509: 3506: 3504: 3501: 3497: 3494: 3493: 3492: 3489: 3487: 3484: 3482: 3479: 3477: 3474: 3470: 3467: 3465: 3462: 3460: 3457: 3455: 3452: 3450: 3447: 3446: 3445: 3442: 3441: 3439: 3437: 3433: 3429: 3422: 3417: 3415: 3410: 3408: 3403: 3402: 3399: 3393: 3390: 3387: 3382: 3378: 3377: 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2462: 2458: 2452: 2445: 2441: 2437: 2431: 2424: 2420: 2414: 2407: 2401: 2394: 2388: 2381: 2377: 2376:Přibram, Karl 2372: 2365: 2359: 2352: 2346: 2338: 2334: 2330: 2326: 2323:(1): 115–28. 2322: 2318: 2317: 2309: 2301: 2297: 2293: 2289: 2285: 2281: 2280: 2272: 2264: 2260: 2256: 2252: 2245: 2238: 2234: 2229: 2222: 2218: 2212: 2205: 2199: 2192: 2186: 2171: 2167: 2161: 2159: 2150: 2143: 2135: 2133:0-415-09670-7 2129: 2125: 2121: 2114: 2107: 2104:Smith, Adam; 2101: 2094: 2090: 2084: 2082: 2073: 2067: 2065: 2056: 2052: 2046: 2038: 2032: 2028: 2021: 2013: 2007: 2005: 1993: 1987: 1979: 1977:9789386811684 1973: 1969: 1962: 1954: 1950: 1946: 1942: 1937: 1932: 1928: 1924: 1920: 1913: 1905: 1901: 1898:G.J. (2013). 1894: 1886: 1884:9789386811684 1880: 1876: 1869: 1861: 1857: 1854:H.G. (1983). 1850: 1843: 1837: 1830: 1826: 1822: 1818: 1813: 1806: 1802: 1796: 1789: 1788: 1781: 1774: 1770: 1765: 1758: 1754: 1749: 1741: 1737: 1731: 1723: 1719: 1713: 1705: 1701: 1695: 1691: 1681: 1678: 1676: 1673: 1671: 1668: 1666: 1663: 1661: 1658: 1656: 1653: 1651: 1648: 1646: 1643: 1641: 1638: 1636: 1633: 1632: 1625: 1621: 1619: 1615: 1611: 1610:risk aversion 1605: 1603: 1599: 1595: 1591: 1587: 1582: 1580: 1576: 1572: 1568: 1561: 1557: 1548: 1544: 1540: 1538: 1534: 1530: 1526: 1522: 1518: 1517:Eugen Slutsky 1513: 1511: 1507: 1503: 1496:Reformulation 1493: 1491: 1487: 1484:In the 1980s 1482: 1480: 1479: 1474: 1473:Mason Gaffney 1470: 1467:Followers of 1465: 1463: 1459: 1455: 1451: 1447: 1443: 1438: 1431: 1429: 1425: 1421: 1417: 1413: 1408: 1403: 1402: 1397: 1393: 1389: 1385: 1382: 1373: 1370: 1366: 1361: 1359: 1358:Irving Fisher 1355: 1354:Knut Wicksell 1351: 1347: 1341: 1337: 1335: 1331: 1327: 1323: 1319: 1315: 1311: 1310:William Smart 1307: 1299: 1295: 1286: 1284: 1281:An American, 1279: 1277: 1273: 1269: 1267: 1261: 1257: 1255: 1251: 1246: 1241: 1237: 1233: 1229: 1225: 1222: 1221:final utility 1218: 1214: 1210: 1207:tradition of 1206: 1202: 1198: 1192: 1188: 1184: 1182: 1178: 1174: 1164: 1161: 1156: 1151: 1149: 1145: 1143: 1136: 1134: 1130: 1125: 1122: 1118: 1114: 1109: 1107: 1103: 1099: 1095: 1091: 1085: 1081: 1072: 1070: 1064: 1060: 1058: 1054: 1049: 1047: 1045: 1039: 1034: 1032: 1030: 1024: 1018: 1014: 1010: 1008: 1004: 1000: 997:(1751), Abbé 996: 992: 988: 984: 980: 976: 972: 971:mercantilists 967: 963: 959: 955: 953: 952: 947: 937: 934: 929: 925: 921: 897: 894: 886: 882: 873: 868: 853: 852: 851: 834: 824: 818: 810: 795: 789: 778: 772: 764: 751: 750: 749: 748: 722: 716: 708: 693: 687: 672: 671: 670: 668: 663: 650: 647: 640:to change is 639: 636: 632: 613: 603: 597: 589: 572: 571: 566: 562: 548: 528: 525: 503: 499: 476: 472: 464:Moreover, if 448: 440: 436: 429: 426: 418: 414: 407: 404: 401: 391: 390: 389: 373: 369: 346: 342: 333: 323: 321: 317: 308: 304: 302: 296: 284: 280: 276: 274: 270: 266: 261: 252: 249: 240: 236: 234: 229: 224: 220: 216: 214: 210: 206: 202: 197: 189: 186: 183: 180: 177: 174: 171: 170: 169: 167: 163: 161: 157: 153: 149: 140: 137: 135: 131: 126: 125:of feeling". 124: 118: 116: 112: 108: 104: 94: 92: 88: 81: 79: 75: 74: 63: 61: 60: 54: 50: 45: 43: 42: 37: 33: 19: 5036: 5029: 5022: 5015: 5008: 5001: 4994: 4987: 4980: 4973: 4792:GiveDirectly 4714:80,000 Hours 4688:Peter Singer 4683:Derek Parfit 4673:Yew-Kwang Ng 4648:Nick Bostrom 4596: 4492:Publications 4448:Publications 4415: 4011:Neoclassical 4001:Mercantilism 3910:Evolutionary 3772:Sociological 3745: / 3643:Geographical 3623:Evolutionary 3598:Digitization 3563:Agricultural 3526:Econometrics 3454:Price theory 3347: 3341: 3320:Econometrica 3318: 3313: 3305: 3300: 3292: 3287: 3279: 3274: 3264: 3259: 3251: 3235: 3227: 3222: 3214: 3198: 3193: 3185: 3177: 3169: 3164: 3156: 3148: 3137:the original 3132: 3119: 3092: 3082: 3073: 3068: 3060: 3052: 3048: 3043: 3035: 3030: 3022: 3017: 3006: 3002: 2997: 2972: 2959: 2951: 2942: 2928: 2920: 2912: 2903: 2897: 2889: 2884: 2876: 2871: 2863: 2858: 2849: 2844: 2839: 2831: 2827: 2823: 2818: 2810: 2806: 2801: 2793: 2778: 2773: 2763: 2754: 2746: 2741: 2733: 2729: 2721: 2713:the original 2708: 2699: 2688:the original 2674: 2661: 2652: 2646: 2638: 2633: 2625:the original 2620: 2610: 2601: 2595: 2586: 2582: 2576: 2562:(1): 64–78. 2559: 2553: 2547: 2512: 2506: 2497: 2472: 2451: 2430: 2423:Econometrica 2422: 2418: 2413: 2405: 2400: 2392: 2387: 2379: 2371: 2363: 2358: 2350: 2345: 2320: 2314: 2308: 2283: 2277: 2271: 2257:(1): 45–75. 2254: 2250: 2244: 2236: 2228: 2216: 2211: 2203: 2198: 2190: 2185: 2173:. Retrieved 2169: 2142: 2119: 2113: 2105: 2100: 2092: 2026: 2020: 1986: 1967: 1966:Sethi, D.K. 1961: 1926: 1923:Econometrica 1922: 1912: 1903: 1893: 1874: 1868: 1859: 1849: 1841: 1836: 1828: 1824: 1820: 1812: 1804: 1800: 1795: 1785: 1780: 1772: 1764: 1756: 1748: 1739: 1730: 1721: 1712: 1703: 1694: 1670:Shadow price 1622: 1606: 1600:(1944), and 1583: 1564: 1545: 1541: 1514: 1501: 1499: 1483: 1476: 1469:Henry George 1466: 1462:Piero Sraffa 1453: 1449: 1441: 1432: 1427: 1411: 1399: 1386: 1379: 1364: 1362: 1342: 1338: 1302: 1280: 1263: 1258: 1249: 1239: 1235: 1231: 1226: 1200: 1195: 1175:in England, 1170: 1152: 1148:Jules Dupuit 1139: 1137: 1128: 1126: 1116: 1110: 1088: 1066: 1062: 1056: 1050: 1041: 1035: 1026: 1021: 1006: 1002: 995:Della moneta 994: 983:Pietro Verri 968: 964: 961: 957: 950: 943: 917: 849: 744: 664: 634: 628: 463: 332:special case 329: 314: 305: 298: 262: 258: 246: 237: 232: 227: 225: 221: 217: 193: 165: 164: 151: 146: 138: 133: 129: 127: 122: 119: 114: 110: 106: 101: 83: 71: 69: 58: 57: 52: 46: 39: 35: 29: 4876:Focus areas 4767:Faunalytics 4631:Key figures 4592:Longtermism 4286:von Neumann 4055:Supply-side 4040:Physiocracy 3984:Marginalism 3673:Information 3613:Engineering 3593:Development 3588:Demographic 3459:Game theory 3436:Theoretical 1645:Marginalism 1598:Morgenstern 1594:von Neumann 1579:uncertainty 1486:John Roemer 1452:(1904) and 1442:Das Kapital 1401:Das Kapital 1228:Carl Menger 1205:utilitarian 1106:square root 933:Grenznutzen 665:Mainstream 316:Marginalism 248:Marginalism 166:Assumptions 66:Marginality 5070:Categories 4967:Literature 4643:Liv Boeree 4443:Economists 4316:Schumacher 4221:Schumpeter 4191:von Wieser 4111:von Thünen 4071:Economists 3970:Circuitism 3935:Humanistic 3930:Historical 3905:Ecological 3895:Democratic 3868:Chartalism 3858:Behavioral 3821:Mainstream 3782:Statistics 3777:Solidarity 3698:Managerial 3663:Humanistic 3658:Historical 3603:Ecological 3568:Behavioral 3172:54 (1934). 3159:51 (1915). 2904:Grundrisse 2425:22 (1954). 1687:References 1488:and other 1456:(1914) by 1250:Grundsätze 1157:published 1146:" (1844), 973:, such as 922:economist 330:Under the 301:Adam Smith 283:Adam Smith 233:increasing 91:maximizing 4693:Cari Tuna 4361:Greenspan 4326:Samuelson 4306:Galbraith 4276:Tinbergen 4216:von Mises 4211:Heckscher 4171:Edgeworth 4050:Stockholm 4045:Socialist 3945:Keynesian 3925:Happiness 3885:Classical 3846:Mutualism 3841:Anarchist 3826:Heterodox 3723:Personnel 3683:Knowledge 3648:Happiness 3638:Financial 3608:Education 3583:Democracy 3518:Empirical 3428:Economics 3170:Economica 3105:cite book 2983:cite book 2796:v. 2 (1). 2656:, p. 208. 2641:, p. 111. 2233:Aristotle 2124:Routledge 2045:cite book 1931:CiteSeerX 1904:Economist 1860:Economist 1525:World War 1515:In 1915, 1381:Karl Marx 1369:classical 1312:, and by 1217:classical 1153:In 1854, 1055:, who in 946:Aristotle 879:∂ 865:∂ 816:Δ 808:Δ 793:→ 787:Δ 770:∂ 762:∂ 714:Δ 706:Δ 691:→ 685:Δ 595:Δ 587:Δ 427:− 399:Δ 361:to state 4797:GiveWell 4678:Toby Ord 4545:Concepts 4472:Category 4452:journals 4438:Glossary 4391:Stiglitz 4356:Rothbard 4336:Buchanan 4321:Friedman 4311:Koopmans 4301:Leontief 4281:Robinson 4166:Marshall 4016:Lausanne 3920:Georgism 3915:Feminist 3863:Buddhist 3853:Austrian 3752:Regional 3728:Planning 3703:Monetary 3633:Feminist 3578:Cultural 3573:Business 3244:Archived 3090:(1993). 3009:K. Knies 2971:(1988). 2486:Archived 2461:Archived 2440:Archived 2237:Politics 1628:See also 1614:prudence 1592:(1926), 1131:(1836), 1119:(1837), 1007:scarcity 951:Politics 920:Austrian 228:marginal 158:and the 123:quantity 73:marginal 5081:Utility 4487:Outline 4458:Schools 4450: ( 4411:Piketty 4406:Krugman 4271:Kuznets 4261:Kalecki 4236:Polanyi 4126:Cournot 4121:Bastiat 4106:Ricardo 4096:Malthus 4086:Quesnay 3989:Marxian 3880:Chicago 3810:history 3805:Schools 3792:Welfare 3762:Service 3553:Applied 3366:1820794 3269:(1944). 3254:(1931). 3188:(1912). 3012:(1896). 2890:Capital 2866:(1930). 2736:(1968). 2730:Utility 2539:2221519 2408:(1832). 2382:(1983). 2337:1880547 2300:2226451 2263:3143742 1953:1914185 1680:Utility 1551:Revival 1428:Kapital 1332:and by 1320:and by 1211:and of 1003:utility 914:History 629:where " 134:defines 130:proxied 103:Utility 98:Utility 41:utility 5048:Events 4396:Thaler 4376:Ostrom 4371:Becker 4366:Sowell 4346:Baumol 4251:Myrdal 4246:Sraffa 4241:Frisch 4231:Knight 4226:Keynes 4201:Fisher 4196:Veblen 4181:Pareto 4161:Menger 4156:George 4151:Jevons 4146:Walras 4136:Gossen 4060:Thermo 3738:Public 3733:Policy 3688:Labour 3653:Health 3364: 3036:To-Day 3023:To-Day 2537: 2335: 2298: 2261: 2130: 2033: 1974: 1951: 1933: 1881: 1618:convex 1602:Savage 1590:Ramsey 1527:, the 1276:Barone 1272:Pareto 1181:Walras 1177:Menger 1173:Jevons 1069:Senior 989:, and 211:, and 111:useful 4482:Lists 4477:Index 4428:Lists 4401:Hoppe 4386:Lucas 4351:Solow 4341:Arrow 4331:Simon 4296:Lange 4291:Hicks 4266:Röpke 4256:Hayek 4206:Pigou 4176:Clark 4091:Smith 4006:Mixed 3965:Post- 3787:Urban 3767:Socio 3757:Rural 3362:JSTOR 3140:(PDF) 3129:(PDF) 3097:(PDF) 2691:(PDF) 2684:(PDF) 2535:JSTOR 2333:JSTOR 2296:JSTOR 2259:JSTOR 2175:2 May 1995:(PDF) 1949:JSTOR 1308:, by 1025:, in 265:money 107:utils 4417:more 4141:Marx 4131:Mill 4116:List 3994:Neo- 3950:Neo- 3111:link 3005:" , 2989:link 2221:HTML 2177:2022 2128:ISBN 2055:link 2051:link 2031:ISBN 1972:ISBN 1879:ISBN 1596:and 1584:The 1577:nor 1575:risk 1535:and 1418:and 1390:and 1274:and 1138:In " 1005:and 895:< 830:c.p. 728:c.p. 635:only 631:c.p. 609:c.p. 491:and 4381:Sen 4101:Say 3960:New 3693:Law 3352:doi 3241:PDF 2564:doi 2525:hdl 2517:doi 2325:doi 2288:doi 1941:doi 1448:'s 1240:why 1127:In 1111:In 948:'s 926:by 783:lim 681:lim 388:is 162:. 30:In 5072:: 3360:. 3348:18 3346:. 3340:. 3206:^ 3184:; 3131:. 3107:}} 3103:{{ 3067:; 2985:}} 2981:{{ 2967:; 2946:. 2936:; 2919:: 2785:^ 2762:, 2732:, 2728:; 2707:. 2619:. 2560:60 2558:. 2533:. 2523:. 2513:13 2511:. 2492:). 2484:. 2467:). 2459:. 2446:). 2438:. 2378:; 2331:. 2321:78 2319:. 2294:. 2284:63 2282:. 2255:96 2253:. 2235:, 2223:). 2168:. 2157:^ 2126:. 2122:. 2091:, 2080:^ 2063:^ 2047:}} 2043:{{ 2003:^ 1947:. 1939:. 1927:47 1925:. 1921:. 1902:. 1858:. 1827:, 1819:; 1803:, 1771:. 1755:; 1738:. 1720:. 1702:. 1504:, 1464:. 1360:. 1336:. 1278:. 985:, 981:, 977:, 898:0. 275:. 207:, 168:- 34:, 4530:e 4523:t 4516:v 4454:) 3956:) 3952:( 3812:) 3808:( 3420:e 3413:t 3406:v 3368:. 3354:: 3113:) 3077:. 3055:. 2991:) 2852:. 2834:. 2813:. 2767:. 2604:. 2589:. 2587:8 2570:. 2566:: 2541:. 2527:: 2519:: 2480:( 2339:. 2327:: 2302:. 2290:: 2265:. 2179:. 2151:. 2136:. 2057:) 2039:. 1997:. 1980:. 1955:. 1943:: 1906:. 1887:. 1862:. 1831:. 1742:. 1706:. 887:2 883:g 874:U 869:2 835:. 825:| 819:g 811:U 796:0 790:g 779:= 773:g 765:U 723:| 717:g 709:U 694:0 688:g 651:. 648:g 614:, 604:| 598:g 590:U 549:g 529:, 526:g 504:2 500:S 477:1 473:S 449:. 446:) 441:1 437:S 433:( 430:U 424:) 419:2 415:S 411:( 408:U 405:= 402:U 374:2 370:S 347:1 343:S 121:" 20:)

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