4005:
in a concept called the labor theory of value which emphasized the idea that the amount of time it took to produce a good determined the value of that good. This concept's rival, marginal utility on the other hand, focused on the value that the consumer received from the good when determining its value. What the marginalists understood was that the exchange value of goods can be used to describe the use value of goods. Meghnad Desai puts it this way, "Individuals in their daily activity so managed their resources that they balanced the marginal utility - the utility (use value) derived from an extra unit of a commodity they consumed - with the price (exchange value) they paid for it". Thus, when consumption of a good goes up, the utility of that good decreases as it is consumed. Each person would continue to consume until the marginal utility would be equal to the price. Jevons also wanted to formulate a price theory that accounted for this marginal utility and discovered the following: cost production determines supply; supply determines final degree of utility; and final degree of utility determines value. Walras was able to articulate the utility maximization of the consumer far better than Jevons and Menger by assuming that utility was linked to the consumption of each good.
3476:. If an individual has a stock or flow of a good or service whose marginal utility is less than would be that of some other good or service for which he or she could trade, then it is in his or her interest to effect that trade. As one thing is traded-away and another is acquired, the respective marginal gains or losses from further trades are now changed. On the assumption that the marginal utility of one is diminishing, and the other is not increasing, all else being equal, an individual will demand an increasing ratio of that which is acquired to that which is sacrificed. One important way in which all else might not be equal is when the use of the one good or service complements that of the other. In such cases, exchange ratios might be constant. If any trader can better his or her own marginal position by offering an exchange more favorable to other traders with desired goods or services, then he or she will do so.
4034:
2024:. Although this assumption makes the analysis less robust, it increases tractability. One is therefore often told that "marginal" is synonymous with "very small", though in more general analysis this may not be operationally true and would not in any case be literally true. Frequently, economic analysis concerns the marginal values associated with a change of one unit of a resource, because decisions are often made in terms of units; marginalism seeks to explain unit prices in terms of such marginal values.
53:
3735:
880:
3522:
1872:
2697:
4948:
4484:
1884:
868:
4932:. They believed that Marx lacked a sophisticated theory of prices, and neoclassical economics lacked a theory of the social frameworks of economic activity. Some other Marxists have also argued that on one level there is no conflict between marginalism and Marxism as one could employ a marginalist theory of supply and demand within the context of a big picture understanding of the Marxist notion that capitalists exploit
3634:
decreases as the buyer would have ever more of the good or service and ever less money. Hence, any given buyer has a demand schedule that generally decreases in response to price (at least until quantity demanded reaches zero). The aggregate quantity demanded by all buyers is, at any given price, just the sum of the quantities demanded by individual buyers, so it too decreases as price increases.
4594:, 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 paired a marginal explanation of demand with a more
3244:
3963:, 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.
1999:, broadly conceived to include opportunities. This endowment is determined by many things including physical laws (which constrain how forms of energy and matter may be transformed), accidents of nature (which determine the presence of natural resources), and the outcomes of past decisions made both by others and by the individual.
3390:
3503:
A thorough-going marginalism sees marginal cost as increasing under the law of diminishing marginal utility, because applying resources to one application reduces their availability to other applications. Neoclassical economics tends to disregard this argument, but to see marginal costs as increasing
1934:
that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. It states that the reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water.
3933:
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
3633:
At any given price, a prospective buyer has some marginal rate of substitution of money for the good or service in question. Given the "law" of diminishing marginal utility, or otherwise given convex indifference curves, the rates are such that the willingness to forgo money for the good or service
2691:
A pioneer farmer had five sacks of grain, with no way of selling them or buying more. He had five possible uses: as basic feed for himself, food to build strength, food for his chickens for dietary variation, an ingredient for making whisky and feed for his parrots to amuse him. Then the farmer lost
4887:
argued that prices derived through marginalism depend on the distribution of income. The ability of consumers to express their preferences is dependent on their spending power. As the theory asserts that prices arise in the act of exchange, Dobb argues that it cannot explain how the distribution of
4853:
If supply equals demand, they cease to act, and for this very reason commodities are sold at their market-values. Whenever two forces operate equally in opposite directions, they balance one another, exert no outside influence, and any phenomena taking place in these circumstances must be explained
4004:
is also associated with the origins of
Marginalism, but did little to advance the theory. This new way of thinking was a very drastic shift in thinking from the classical school of economics, founded in part by Adam Smith, David Ricardo and Thomas Malthus. The classical school of economics believed
4738:
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 of
3721:
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 any one individual nor for some ostensibly typical individual. Rather, individuals are willing to trade based upon the respective marginal utilities of the goods that they have or
4866:
Whenever the Böhm-Bawerk theory, it appears, resorts to individual motives as a basis for the derivation of social phenomena, he is actually smuggling in the social content in a more or less disguised form in advance, so that the entire construction becomes a vicious circle, a continuous logical
3395:
When indifference curves (which are essentially graphs of instantaneous rates of substitution) and the convexity of those curves are not taken as given, the "law" of diminishing marginal utility is invoked to explain diminishing marginal rates of substitution – a willingness to accept fewer
4879:
It is, moreover, unable to explain how, from the clash of millions of different individual "needs" there emerge not only uniform prices, but prices which remain stable over long periods, even under perfect conditions of free competition. Rather than an explanation of constants, and of the basic
4625:
was not published until July 1867, when marginalism was already developing, but before the advent of
Marxian economics, proto-marginalist ideas such as those of Gossen had largely fallen on deaf ears. It was only in the 1880s, when Marxism had come to the fore as the main economic theory of the
4562:
There were significant, distinguishing features amongst the approaches of Jevons, Menger, and Walras, but the second generation did not maintain distinctions along national or linguistic lines. The work of von Wieser was heavily influenced by that of Walras. Wicksteed was heavily influenced by
2692:
one sack of grain. Instead of reducing every activity by a fifth, the farmer simply starved the parrots as they were of less utility than the other four uses; in other words they were on the margin. And it is on the margin, and not with a view to the big picture, that we make economic decisions.
4854:
by causes other than the effect of these two forces. If supply and demand balance one another, they cease to explain anything, do not affect market-values, and therefore leave us so much more in the dark about the reasons why the market-value is expressed in just this sum of money and no other.
2109:
capturing preferences by assigning greater quantities to states, goods, services, or applications that are of higher priority. But marginalism and the concept of marginal utility predate the establishment of this convention within economics. The more general conception of utility is that of
3622:. In any case buyers are modelled as pursuing typically lower quantities, and sellers offering typically higher quantities, as price is increased, with each being willing to trade until the marginal value of what they would trade-away exceeds that of the thing for which they would trade.
2670:
assumption, adopted only for its perceived predictive efficacy. It is not quite any of these things, although it may have aspects of each. The law does not hold under all circumstances, so it is neither a tautology nor otherwise proveable; but it has a basis in prior observation.
2130:
quantified, some indeed treated quantification as an essential feature, and those who did not still used an assumption of quantification for expository purposes. In this context, it is not surprising to find many presentations that fail to recognize a more general approach.
3706:, although it was recognized by earlier thinkers. Human beings cannot even survive without water, whereas diamonds, in Smith's day, were ornamentation or engraving bits. Yet water had a very small price, and diamonds a very large price. Marginalists explained that it is the
3100:
4739:
dispensing 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.
2069:
On such assumptions, each increase would be put to the specific, feasible, previously unrealized use of greatest priority, and each decrease would result in abandonment of the use of lowest priority amongst the uses to which the good or service had been put.
3259:
3688:, which models are usually captured by relatively simple graphs. Other marginalists have sought to present what they thought of as more realistic explanations, but this work has been relatively uninfluential on the mainstream of economic thought.
2642:
4526:
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
3718:. For most people, water was sufficiently abundant that the loss or gain of a gallon would withdraw or add only some very minor use if any, whereas diamonds were in much more restricted supply, so that the loss or gain was much greater.
4570:
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
4567:. Clark's work from this period onward similarly shows heavy influence by Menger. William Smart began as a conveyor of Austrian School theory to English-language readers, though he fell increasingly under the influence of Marshall.
4895:
behind marginal utility theory. Jevons wrote, for example, "so far as is consistent with the inequality of wealth in every community, all commodities are distributed by exchange so as to produce the maximum social benefit." (See
2550:
4847:
Nothing is easier than to realize the inconsistencies of demand and supply, and the resulting deviation of market-prices from market-values. The real difficulty consists in determining what is meant by the equation of supply and
2708:
a complementarity across uses, then an amount added can bring things past a desired tipping point, or an amount subtracted cause them to fall short. In such cases, the marginal utility of a good or service might actually be
4704:, deriving its properties from marginalist theory which assumed utility to be a differentiable function of quantified goods and services. But it came to be seen that indifference curves could be considered as somehow
4649:, as performing optimal allocation of resources, while it allowed economists to blame any adverse effects of laissez-faire economics on the interference of workers' coalitions in the proper functioning of the market.
2811:
of utility functions, or can be produced without presumption of quantification, but are often simply treated as axiomatic. In the absence of complementarity of goods or services, diminishing marginal utility implies
2057:
marginalism asserts that choice amongst the specific means by which various anticipated specific states-of-the-world (outcomes) might be affected is governed only by the distinctions amongst those specific outcomes;
3991:
presented the theory in 1871. Menger explained why individuals use marginal utility to decide amongst trade-offs, but while his illustrative examples present utility as quantified, his essential assumptions do not.
2686:
priority. In the absence of complementarity across the uses, this will imply that the priority of use of any additional amount will be lower than the priority of the established uses, as in this famous example:
4598:
explanation of supply, wherein costs were taken to be objectively determined. Marshall later actively mischaracterized the criticism that these costs were themselves ultimately determined by marginal utilities.
3089:
2428:
2798:
3649:
and neoclassical economists tend to represent the supply curve for any producer as a curve of marginal pecuniary costs objectively determined by physical processes, with an upward slope determined by
3239:{\displaystyle MRS_{GS}={\frac {2{\text{ goat}}}{\text{sheep}}}\neq {\frac {1{\text{ goat}}}{2{\text{ sheep}}}}={\frac {1}{\left({\frac {2{\text{ sheep}}}{\text{goat}}}\right)}}={\frac {1}{MRS_{SG}}}}
2921:
3642:
Both neoclassical economics and thorough-going marginalism could be said to explain supply curves in terms of marginal cost; however, there are marked differences in conceptions of that cost.
4900:.) Dobb contended that this statement indicated that marginalism is intended to insulate market economics from criticism by making prices the natural result of the given income distribution.
3850:(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.
4797:(1954). Although this hypothesis remains controversial, it brings not merely utility but a quantified conception thereof back into the mainstream of economic thought, and would dispatch the
3784:
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
2997:
2266:
3385:{\displaystyle MRS_{IB}={\frac {1{\text{ oz ice cream}}}{1{\text{ g banana}}}}={\frac {1}{\left({\frac {1{\text{ g banana}}}{1{\text{ oz ice cream}}}}\right)}}={\frac {1}{MRS_{BI}}}}
3945:
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.
2564:
2042:
is the specific use to which an agent would put a given increase, or the specific use of the good or service that would be abandoned in response to a given decrease.
4652:
Scholars have suggested that the success of the generation who followed the preceptors of the
Revolution was their ability to formulate straightforward responses to
4590:
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
2323:
2296:
2195:
2168:
2463:
2365:
2344:
3027:
3474:
3454:
3434:
3414:
6107:
Backhouse, Roger E. "Marginal
Revolution." eds. Steven N. Durlauf and Lawrence E. Blume (2008). The New Palgrave Dictionary of Economics. Palgrave Macmillan.
4742:
For those who accepted that marginal utility analysis had been superseded by indifference curve analysis, the former became at best somewhat analogous to the
6142:
5585:
3822:, 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
2474:
5183:
3914:, and had concluded that the marginal desirability of money decreased as it was accumulated, more specifically such that the desirability of a sum were the
2118:, and this conception is at the heart of marginalism; the term "marginal utility" arose from translation of the German "Grenznutzen", which literally means
2662:, as additional amounts of a good or service are added to available resources, their marginal utilities are decreasing. This law is sometimes treated as a
4867:
fallacy, a fallacy that can serve only specious ends, and demonstrating in reality nothing more than the complete barrenness of modern bourgeois theory.
3676:
By confining themselves to limiting cases in which sellers or buyers are both "price takers" – so that demand functions ignore supply functions or
4513:
2053:
of possible states-of-the-world, such that, for any given set of constraints, there is an attainable state which is best in the eyes of that agent.
4645:
in all developed capitalist economies after the 1848–1870 period of social peace. Marginalism, Screpanti and
Zamagni argue, offered a theory of the
5504:
3722:
desire (with these marginal utilities being distinct for each potential trader), and prices thus develop constrained by these marginal utilities.
3925:
In "A Lecture on the Notion of Value as
Distinguished Not Only from Utility, but also from Value in Exchange", delivered in 1833 and included in
3876:
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.
1482:
1914:
3795:
sort of inter-relationship between utility and rarity that effected economic decisions, and in turn informed the determination of prices.
5434:
5410:
5390:
3906:, in "Specimen theoriae novae de mensura sortis". This paper appeared in 1738, but a draft had been written in 1731 or in 1732. In 1728,
1959:
910:
842:
6456:
4735:
derived much the same results and found a significant audience. Allen subsequently drew attention to
Slutsky's earlier accomplishment.
4666:: A Criticism" (1884, followed by "The Jevonian Criticism of Marx: A Rejoinder" in 1885). The most famous early Marxist responses were
2853:, the least favorable rate at which an agent would trade A for B will usually be different from that at which she would trade B for A:
3038:
2682:, then a rational agent will satisfy wants of highest possible priority, so that no want is avoidably sacrificed to satisfy a want of
2373:
6135:
5961:
4897:
4801:. It should perhaps be noted that in expected utility analysis the law of diminishing marginal utility corresponds to what is called
5899:
4607:
The doctrines of marginalism and the
Marginal Revolution are often interpreted as a response to the rise of the worker's movement,
3922:(Cramer) thereof. However, the more general implications of this hypothesis were not explicated, and the work fell into obscurity.
3668:
a good or service. The shape of that curve is then determined by marginal rates of substitution of money for that good or service.
2746:
4827:
died before marginalism became the interpretation of economic value accepted by mainstream economics. His theory was based on the
2122:, referring directly to the marginal use, and the more general formulations of marginal utility do not treat quantification as an
2740:
is continually or continuously decreasing. In the latter case, if the function is also smooth, then the law may be expressed as
6265:
5431:
5407:
5387:
5983:
5944:
Samuelson, Paul Anthony; "Complementarity: An Essay on the 40th Anniversary of the Hicks-Allen Revolution in Demand Theory",
5042:
4506:
5406:
Bernoulli, Nicolas; letter of 5 April 1732, acknowledging receipt of "Specimen theoriae novae metiendi sortem pecuniariam" (
3894:(1850) also develops a theory of value as ratio between services that increment utility, rather than between total utility.
3702:
The law of diminishing marginal utility is said to explain the paradox of water and diamonds, most commonly associated with
6680:
6670:
6574:
6128:
4563:
Menger. Fetter referred to himself and Davenport as part of "the American Psychological School", named in imitation of the
3788:
There has been marked disagreement about the development and role of marginal considerations in Aristotle's' value theory.
3586:
6062:
4880:
evolution of economic life, the "marginal" technique provides at best an explanation of ephemeral, short-term variations.
4164:
2441:
3558:
2859:
6544:
4282:
3857:
saw value as determined by utility associated with the class to which the good belongs, and by estimated scarcity. In
6046:
6030:
5569:
5231:
4862:
argued that "the subjective evaluation from which price is to be derived really starts from this price", concluding:
4762:. The marginalists of the revolution, however, had been formally concerned with problems in which there was neither
4239:
3605:
1409:
17:
2935:
2346:
which is itself quantified, then it becomes possible to speak of the ratio of the marginal utility of the change in
6609:
5179:
4499:
4077:
4063:
3565:
1907:
2203:
6675:
903:
2734:
When quantification of utility is assumed, diminishing marginal utility corresponds to a utility function whose
6280:
5459:
4134:
3961:
Die Entwicklung der Gesetze des menschlichen Verkehrs und der daraus fließenden Regeln für menschliches Handeln
3543:
5549:
3854:
6599:
6394:
6305:
6243:
4727:, and his own subsequent loss of interest, Slutsky's work drew almost no notice, but similar work in 1934 by
4488:
3572:
2846:
rate of substitution (MRS) is the rate of substitution at the margin; in other words, given some constraint.
2829:
1967:
1942:
Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of
1673:
1331:
241:
6389:
5631:
Salerno, Joseph T. 1999; "The Place of Mises's Human Action in the Development of Modern Economic Thought".
5275:
Kauder, Emil; "Genesis of the Marginal Utility Theory from Aristotle to the End of the Eighteenth Century",
3618:
Marginalism and neoclassical economics typically explain price formation broadly through the interaction of
503:
6549:
6502:
6170:
5060:
4264:
4181:
4149:
3539:
1723:
1713:
5833:
4637:
point to a different 'external' reason for marginalism's success, which is its successful response to the
3861:(1776), Condillac emphasized that value is not based upon cost but that costs were paid because of value.
6604:
6519:
6492:
6379:
6310:
6233:
6151:
4961:
4774:
2927:
1900:
1419:
1356:
1289:
1267:
852:
72:
62:
4875:, argued that marginalism was "divorced from reality", ignored the role of production, further arguing:
4754:
When Cramer and Bernoulli introduced the notion of diminishing marginal utility, it had been to address
3554:
2637:{\displaystyle {\frac {\partial U}{\partial g}}\approx \left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}
2009:. A change that would be affected as or by a specific loosening or tightening of those constraints is a
6685:
6524:
6512:
5894:
5852:
5501:
5136:
4469:
4201:
3843:
1728:
1244:
896:
846:
376:
366:
5116:
5040:
Mc Culloch, James Huston; "The Austrian Theory of the Marginal Use and of Ordinal Marginal Utility",
4532:
4435:
4244:
2842:
rate at which an agent is willing to exchange units of one good or service for units of another. The
1502:
1189:
256:
4206:
2088:. Under the assumption of economic rationality, it is the utility of its least urgent possible use
6529:
6446:
6384:
6165:
4697:
4583:
and with modifications including formal disregard for time-preference by Wicksell's American rival
4552:
4355:
4017:
1776:
1472:
1319:
1158:
1132:
1054:
999:
825:
563:
518:
371:
140:
84:
6108:
5745:
5262:
Soudek, Josef; "Aristotle's Theory of Exchange: An Inquiry into the Origin of Economic Analysis",
4540:
4290:
3746:
578:
6634:
6554:
6451:
6441:
6429:
6419:
6192:
5709:
5373:
5 (1738); reprinted in translation as "Exposition of a new theory on the measurement of risk" in
4819:
4653:
4234:
4070:
3956:
3532:
2653:
1668:
1314:
1309:
1299:
994:
528:
336:
326:
286:
276:
183:
106:
4360:
6434:
6404:
6372:
6315:
6225:
6010:
5881:
Hicks, John Richard, and Roy George Douglas Allen; "A Reconsideration of the Theory of Value",
5358:
Introductory Lectures on Political Economy, Being part of a course delivered in the Easter term
4929:
4755:
4616:
3984:
3972:
3911:
2046:
1955:
1821:
1698:
1492:
1351:
1282:
1169:
1127:
698:
543:
281:
221:
178:
125:
6559:
6507:
6482:
6290:
6270:
4828:
4794:
4229:
4106:
3942:
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3881:
3685:
2721:
2675:
2105:
1801:
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1708:
1688:
1643:
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1399:
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1234:
1224:
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513:
488:
473:
331:
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251:
246:
2803:
Neoclassical economics usually supplements or supplants discussion of marginal utility with
2727:. It is the movement from use of higher to lower priority, and may be no more than a purely
1147:
6644:
6624:
6564:
6399:
6347:
5427:
4544:
4440:
4159:
4154:
4144:
4049:
3910:
produced fundamentally the same theory in a private letter. Each had sought to resolve the
3902:
The first unambiguous published statement of any sort of theory of marginal utility was by
3775:
2850:
2301:
2274:
2173:
2146:
2096:
1971:
1851:
1806:
1781:
1748:
1452:
1447:
1384:
1379:
1137:
974:
583:
405:
356:
321:
261:
226:
130:
120:
67:
5958:
5644:
Böhm-Bawerk, Eugen Ritter von. "Grundzüge der Theorie des wirtschaftlichen Güterwerthes",
4186:
3680: – Marshallian marginalists and neoclassical economists produced tractable models of
8:
6629:
6424:
6357:
6327:
6253:
6248:
6215:
4646:
4612:
4595:
4410:
4101:
4096:
3681:
3650:
3579:
3505:
2447:
2349:
2328:
2059:
2021:
1565:
1487:
1442:
1437:
1304:
1294:
1194:
1004:
969:
927:
809:
618:
440:
381:
306:
296:
266:
193:
101:
4917:
3009:
478:
6409:
6352:
5579:
4724:
4701:
4459:
4345:
4320:
4111:
3829:
3630:
Demand curves are explained by marginalism in terms of marginal rates of substitution.
3459:
3439:
3419:
3399:
3032:
If, for example, Lisa will not trade a goat for anything less than two sheep, then her
3003:
2804:
2556:
2545:{\displaystyle \lim _{\Delta g\to 0}{\left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}}
1811:
1771:
1648:
1497:
1462:
1249:
1209:
1164:
1084:
1039:
1019:
837:
793:
598:
435:
430:
410:
361:
301:
291:
236:
231:
203:
198:
168:
36:
2126:
feature. On the other hand, none of the early marginalists insisted that utility were
6619:
6539:
6477:
6470:
6300:
5807:
5723:
5697:
5565:
5512:
5227:
4925:
4909:
4790:
4667:
4630:
4608:
4425:
4400:
4269:
4196:
3952:
applied a conception of marginal utility to the problem of determining bridge tolls.
3915:
3619:
2663:
1876:
1743:
1610:
1600:
1545:
1467:
1341:
1326:
1204:
1174:
1104:
1094:
1029:
728:
703:
613:
493:
450:
386:
351:
341:
173:
135:
91:
4921:
653:
6487:
6111:
5829:
5789:
5771:
5561:
5557:
4980:
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4859:
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4405:
4395:
4305:
4001:
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3819:
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3491:
2079:
2039:
1947:
1936:
1678:
1653:
1605:
1585:
1530:
1507:
1457:
1336:
1239:
1229:
1219:
1184:
1074:
1024:
1014:
1009:
778:
723:
708:
693:
678:
608:
588:
568:
523:
396:
346:
316:
311:
4420:
3971:
Marginalism as a formal theory can be attributed to the work of three economists,
2143:
in which usefulness can be quantified, the change in utility of moving from state
658:
6649:
6569:
6414:
6362:
6320:
6238:
5965:
5727:
5701:
5508:
5475:
White, Michael V; "Diamonds Are Forever(?): Nassau Senior and Utility Theory" in
5438:
5414:
5394:
4782:
4716:
4638:
4634:
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4548:
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4415:
4370:
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4254:
4033:
4025:
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3815:
3807:
3646:
2813:
2667:
2658:
2434:
1943:
1888:
1733:
1638:
1595:
1575:
1570:
1560:
1555:
1477:
1272:
872:
783:
748:
713:
648:
573:
558:
445:
420:
415:
391:
163:
158:
5327:
3770:
Perhaps the essence of a notion of diminishing marginal utility can be found in
6115:
5601:
Marx's Revenge: The Resurgence of Capitalism and the Death of Statist Socialism
5073:
5055:
4843:, he rejected the explanation of long-term market values by supply and demand:
4832:
4732:
4642:
4365:
4350:
4315:
4224:
4191:
4116:
3907:
3710:
usefulness of any given quantity that matters, rather than the usefulness of a
2817:
2003:
1841:
1826:
1796:
1718:
1214:
1059:
1049:
979:
964:
959:
803:
788:
753:
738:
718:
688:
508:
425:
115:
111:
6120:
5218:
Gordon, Scott (1991). "The Scottish Enlightenment of the eighteenth century".
3993:
3980:
1580:
538:
6664:
6579:
6534:
6497:
6285:
6175:
5865:
4933:
4872:
4802:
4746:—perhaps pedagogically useful, but "old fashioned" and ultimately incorrect.
4712:
4584:
4580:
4385:
4330:
4300:
4171:
3485:
2017:
1831:
1703:
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1199:
1099:
1079:
768:
758:
733:
673:
668:
663:
643:
633:
603:
593:
498:
401:
4770:. So too with the indifference curve analysis of Slutsky, Hicks, and Allen.
3864:
This last point was famously restated by the 19th-century proto-marginalist
3832:, a pupil of Genovesi, attempted to explain value as a ratio of two ratios,
52:
6260:
6205:
5666:
5288:
Gordon, Barry Lewis John; "Aristotle and the Development of Value Theory",
4884:
4556:
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4380:
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4295:
4249:
4139:
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2140:
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2033:
1753:
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1179:
1089:
884:
798:
743:
638:
628:
623:
548:
96:
5189:
3249:
However, if she would trade one gram of banana for one ounce of ice cream
1995:. The location of the margin for any individual corresponds to his or her
6210:
5094:
Kapital Und Kapitalizns. Zweite Abteilung: Positive Theorie des Kapitales
4913:
4767:
4720:
4621:
4390:
4335:
3988:
3976:
3919:
3094:
If she will not trade a sheep for anything less than two goats, then her
2808:
2724:
2666:, sometimes as something proven by introspection, or sometimes as a mere
1935:
Thus, while the water has greater total utility, the diamond has greater
1836:
1738:
1658:
1414:
1109:
1034:
989:
773:
763:
553:
188:
3734:
1970:
a more fundamental role in analysis. Marginalism is an integral part of
6465:
6367:
6200:
5757:
4743:
4728:
4375:
3703:
3546: in this section. Unsourced material may be challenged and removed.
2816:
of indifference curves, although such convexity would also follow from
2092:
the best feasible combination of actions in which its use is included.
2054:
1816:
1525:
1346:
1277:
935:
683:
483:
5019:
4662:" (1896), but the first was Wicksteed's "The Marxian Theory of Value.
3840:, with the latter component ratio being the ratio of quantity to use.
6614:
6063:“The marginalist theory of value and neo-classical political economy”
5246:
5223:
4836:
4824:
3771:
1931:
1856:
1846:
1791:
1615:
1550:
1394:
1142:
949:
533:
464:
44:
3521:
6639:
6275:
5916:, Chapter I. "Utility and Preference" §8, p. 23 in the 2nd edition.
3987:
first proposed the theory in articles in 1863 and 1871. Similarly,
3656:
A more thorough-going marginalism represents the supply curve as a
2696:
2679:
1683:
1590:
1044:
954:
5369:
Bernoulli, Daniel; "Specimen theoriae novae de mensura sortis" in
5347:(1983), Chapter 5 "Refined Mercantilism", "Italian Mercantilists".
5003:Über den Ursprung und die Hauptgesetze des wirtschaftlichen Wertes
3490:
At the highest level of generality, a marginal cost is a marginal
5532:
4602:
4579:. (This theory was adopted in full and then further developed by
2728:
2100:
2016:
Neoclassical economics usually assumes that marginal changes are
1963:
1871:
984:
5488:
Dupuit, Jules; "De la mesure de l'utilité des travaux publics",
3084:{\displaystyle MRS_{SG}={\frac {2{\text{ sheep}}}{\text{goat}}}}
2423:{\displaystyle \left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}
2084:
The marginal utility of a good or service is the utility of its
5386:
Bernoulli, Daniel; letter of 4 July 1731 to Nicolas Bernoulli (
4947:
4626:
workers' movement, that Gossen found (posthumous) recognition.
4483:
1987:
For issues of marginality, constraints are conceptualized as a
1883:
867:
5206:
An Inquiry into the Nature and Causes of the Wealth of Nations
4924:
have attempted to integrate it with the insights of classical
4888:
income affects prices and consequently cannot explain prices.
4000:, the first part of which was published in 1874. The American
3500:
cost, that is to say marginal cost measured by forgone money.
2926:
When the goods and services are continuously divisible in the
3496:
2793:{\displaystyle {\frac {\partial ^{2}U}{\partial g^{2}}}<0}
2736:
2468:
Mainstream neoclassical economics will typically assume that
1069:
5371:
Commentarii Academiae Scientiarum Imperialis Petropolitanae
4763:
3948:
In "De la mesure de l'utilité des travaux publics" (1844),
2593:
2500:
2379:
1951:
4719:
solely from properties of indifference curves. Because of
3848:
Réflexions sur la formation et la distribution de richesse
3002:
and the marginal rate of substitution is the slope of the
2555:
is well defined, and use "marginal utility" to refer to a
2002:
A value that holds true given particular constraints is a
5220:
History and Philosophy of Social Science: An Introduction
2652:
The law of diminishing marginal utility, also known as a
5185:
Nationalökonomie: Theorie des Handelns und Wirtschaftens
4781:
was revived by various 20th century thinkers, including
2716:
Without the presumption that utility is quantified, the
5970:
The Foundations of Mathematics and other Logical Essays
5792:(1885). "The Jevonian criticism of Marx: a rejoinder".
5450:
Finally some recognition that the guidance isn't clear.
3791:
A great variety of economists concluded that there was
5756:] (in German). Staatswiss. Arbeiten. Festgabe für
5477:
The Manchester School of Economic & Social Studies
2647:
4903:
4656:. The most famous of these was that of Böhm-Bawerk, "
3897:
3494:. In most contexts, marginal cost refers to marginal
3462:
3442:
3422:
3402:
3262:
3103:
3041:
3012:
2938:
2862:
2749:
2678:
the potential uses of a good or service. If there is
2567:
2477:
2450:
2376:
2352:
2331:
2304:
2277:
2206:
2176:
2149:
5502:“A General Mathematical Theory of Political Economy”
5208:(1776) Chapter IV. "Of the Origin and Use of Money".
5098:
Capital and Interest. II: Positive Theory of Capital
4943:
6092:
Socialism & Marginalism in Economics, 1870–1930
4813:
2325:are distinguishable by values of just one variable
3468:
3448:
3428:
3408:
3384:
3238:
3083:
3021:
2991:
2916:{\displaystyle MRS_{AB}\neq {\frac {1}{MRS_{BA}}}}
2915:
2792:
2700:Diminishing marginal utility, given quantification
2636:
2544:
2457:
2422:
2359:
2338:
2317:
2290:
2260:
2189:
2162:
5957:Ramsey, Frank Plumpton; "Truth and Probability" (
5616:Economics Evolving: A History of Economic Thought
5584:: CS1 maint: DOI inactive as of September 2024 (
5264:Proceedings of the American Philosophical Society
5149:
5147:
5121:International Encyclopedia of the Social Sciences
5112:
5110:
3927:Lectures on Population, Value, Poor Laws and Rent
6662:
5722:
5696:
5088:
5086:
3691:
2823:
2479:
6150:
5868:; "Sulla teoria del bilancio del consumatore",
5337:
3765:
2720:of utility should not be taken to be itself an
5144:
5107:
4603:Marginal Revolution as a response to socialism
3939:An Outline of the Science of Political Economy
3511:
2992:{\displaystyle MRS_{AB}={\frac {1}{MRS_{BA}}}}
2134:
6136:
5732:An Outline of the History of Economic Thought
5556:. Palgrave Macmillan UK. pp. 3886–3888.
5083:
4708:, without bothering with notions of utility.
4507:
1908:
904:
5940:
5938:
5706:An Outline of the History of Economic Theory
5646:Jahrbüche für Nationalökonomie und Statistik
5076:; "The Adoption of Marginal Utility Theory"
5036:
5034:
5032:
5030:
5028:
4997:
4995:
4993:
4671:
4657:
4219:Organizations, universities, and think tanks
2261:{\displaystyle \Delta U=U(S_{2})-U(S_{1})\,}
5932:, Chapter I. "Utility and Preference" §7–8.
5924:
5922:
5744:
5426:Cramer, Garbriel; letter of 21 May 1728 to
5131:
5129:
4908:Some economists strongly influenced by the
6143:
6129:
5806:
5800:
5627:
5625:
5462:; "On some neglected British economists",
5295:
5008:
4514:
4500:
3870:Introductory Lectures on Political Economy
2045:Marginalism assumes, for any given agent,
1915:
1901:
911:
897:
5981:von Neumann, John and Oskar Morgenstern;
5935:
5788:
5770:
5716:
5547:
5025:
4990:
4898:Fundamental theorems of welfare economics
3606:Learn how and when to remove this message
2454:
2356:
2335:
2257:
6043:The Economic Theory of the Leisure Class
6027:The Economic Theory of the Leisure Class
5919:
5900:Theorie des Geldes und der Umlaufsmittel
5840:The Economic Theory of the Leisure Class
5828:
5822:
5554:The New Palgrave Dictionary of Economics
5126:
4678:The Economic Theory of the Leisure Class
3884:is noted below as an early marginalist.
3620:curves or schedules of supply and demand
2695:
2674:An individual will typically be able to
6073:
6071:
5622:
2807:, which were originally derived as the
2103:" has come to be formally defined as a
14:
6663:
5269:
5217:
5102:Further Essays on Capital and Interest
5058:; "The Development of Utility Theory"
5018:(1889), Bk I Ch V "Marginal Utility" (
4858:In his early response to marginalism,
3966:
6306:Marxian critique of political economy
6124:
5984:Theory of Games and Economic Behavior
5692:
5690:
5633:Quarterly Journal of Economic Thought
4985:The Common Sense of Political Economy
2062:marginalism asserts that such choice
1962:marginalism abandoned the concept of
6068:
5774:(1884). "Das Kapital: A Criticism".
5754:On the Closure of the Marxist System
5529:Grundsätze der Volkswirtschaftslehre
4008:
3729:
3544:adding citations to reliable sources
3515:
5750:Zum Abschluss des Marxschen Systems
5548:Backhouse, Roger (17 August 2017).
4659:Zum Abschluss des Marxschen Systems
4165:Libertarianism in the United States
2648:Law of diminishing marginal utility
2073:
24:
6079:Theories of value and Distribution
5687:
5650:Basic Principles of Economic Value
5613:
4904:Marxist adaptations to marginalism
4871:Similarly a later Marxist critic,
3998:Éléments d'économie politique pure
3898:Marginalists before the Revolution
2768:
2754:
2606:
2598:
2579:
2571:
2513:
2505:
2483:
2392:
2384:
2207:
25:
6697:
6101:
5598:
4489:Business and economics portal
4240:Foundation for Economic Education
3645:Marginalists in the tradition of
6610:History of macroeconomic thought
6435:Neoclassical–Keynesian synthesis
5180:Mises, Ludwig Heinrich Edler von
5043:Zeitschrift für Nationalökonomie
4987:(1910), Bk I Ch 2 and elsewhere.
4946:
4814:Marxist criticism of marginalism
4629:Aside from the rise of Marxism,
4482:
4064:Individualism and Economic Order
4032:
3853:Like the Italian mercantilists,
3733:
3520:
3479:
1977:
1882:
1870:
878:
866:
51:
6084:
6051:
6035:
6019:
6003:
5990:
5975:
5951:
5906:
5888:
5875:
5859:
5846:
5816:Böhm-Bawerk's Criticism of Marx
5796:. No. 3. pp. 177–179.
5782:
5778:. No. 2. pp. 388–409.
5764:
5738:
5674:
5655:
5638:
5607:
5592:
5541:
5522:
5517:The Theory of Political Economy
5495:
5482:
5469:
5460:Seligman, Edwin Robert Anderson
5453:
5444:
5420:
5400:
5380:
5363:
5350:
5345:A History of Economic Reasoning
5332:A History of Economic Reasoning
5321:
5308:
5282:
5256:
5240:
5211:
5198:
5173:
5160:
5092:Böhm-Bawerk, Eugen Ritter von;
5046:37 (1973) #3&4 (September).
4565:Austrian "Psychological School"
3682:"pure" or "perfect" competition
3664:money and the purchase is made
3531:needs additional citations for
2027:
153:Concepts, theory and techniques
5946:Journal of Economic Literature
5564:(inactive 12 September 2024).
5562:10.1007/978-1-349-58802-2_1023
5490:Annales des ponts et chaussées
5318:(1995) Chapters 1, 2, & 6.
5290:Quarterly Journal of Economics
5168:Monopoly: A History and Theory
5067:
5049:
4974:
4831:, which distinguishes between
3859:De commerce et le gouvernement
2489:
2254:
2241:
2232:
2219:
1982:
1968:marginal rates of substitution
1948:marginal physical productivity
13:
1:
6600:Critique of political economy
5746:Böhm-Bawerk, Eugen Ritter von
5663:Über Wert, Kapital unde Rente
5661:Wicksell, Johan Gustaf Knut;
5618:. Princeton University Press.
4967:
3692:Paradox of water and diamonds
3660: – where the demand is
2830:Marginal rate of substitution
2824:Marginal rate of substitution
1674:Critique of political economy
1332:Critique of political economy
6508:Rational expectations theory
5835:Политической экономии рантье
5648:v 13 (1886). Translated as
5316:Aristotle's Economic Thought
5305:(1954) Part II Chapter 1 §3.
5303:History of Economic Analysis
5155:History of Economic Analysis
5100:with appendices rendered as
5078:History of Political Economy
5061:Journal of Political Economy
4808:
4265:Property and Freedom Society
4182:Methodological individualism
4150:Economic calculation problem
3890:in chapters V and XI of his
3766:Proto-marginalist approaches
2849:When goods and services are
2367:to the size of that change:
1958:tradition that emerged from
1724:Periodizations of capitalism
7:
6681:Theory of value (economics)
6671:History of economic thought
6605:History of economic thought
6152:Schools of economic thought
5135:Edgeworth, Francis Ysidro;
5117:Theodore-Angwenyi, Nicholas
4939:
4775:expected utility hypothesis
4454:Variants and related topics
3855:Étienne Bonnot de Condillac
3798:Eighteenth-century Italian
3512:Application to price theory
2135:Quantified marginal utility
1420:Simple commodity production
10:
6702:
6525:New neoclassical synthesis
6513:Real business-cycle theory
6116:10.1057/9780230226203.1026
5895:von Mises, Ludwig Heinrich
5492:, Second series, 8 (1844).
5301:Schumpeter, Joseph Alois;
5153:Schumpeter, Joseph Alois;
4817:
4749:
4687:
4470:Perspectives on capitalism
4202:Subjective theory of value
3868:, who wrote as follows in
3844:Anne Robert Jacques Turgot
3725:
3695:
3671:
3658:complementary demand curve
3483:
3456:grow relative to those of
2827:
2077:
2031:
1729:Perspectives on capitalism
6592:
6336:
6224:
6191:
6184:
6158:
6041:Nicholai Bukharin (1914)
5998:Foundations of Statistics
5928:Hicks, Sir John Richard;
5912:Hicks, Sir John Richard;
5870:Giornale degli Economisti
4891:Dobb also criticized the
4245:The Independent Institute
3996:introduced the theory in
3637:
3625:
3396:units of good or service
2820:of the utility function.
6045:, Chapter 3, Section 6.
6029:, Chapter 3, Section 2.
6025:Nikolai Bukharin (1914)
5996:Savage, Leonard Jimmie;
5964:27 February 2008 at the
5812:Böhm-Bawerks Marx-Kritik
5507:15 December 2006 at the
5437:9 September 2008 at the
5413:9 September 2008 at the
5393:9 September 2008 at the
4698:Francis Ysidro Edgeworth
4673:Böhm-Bawerks Marx-Kritik
4553:Herbert Joseph Davenport
3684:and of various forms of
1946:, drew upon the idea of
1000:Economic interventionism
141:JEL classification codes
6635:Post-autistic economics
6059:Marxist Economic Theory
5790:Wicksteed, Philip Henry
5772:Wicksteed, Philip Henry
5710:Oxford University Press
5668:Value, Capital and Rent
5534:Principles of Economics
5466:v. 13 (September 1903).
5279:v 63 (1953) pp. 638–50.
5014:von Wieser, Friedrich;
5001:von Wieser, Friedrich;
4981:Wicksteed, Philip Henry
4820:Marxist economic theory
4654:Marxist economic theory
4592:Principles of Economics
4235:George Mason University
4135:Austrian business cycle
4129:Theories and ideologies
4078:Principles of Economics
4071:Man, Economy, and State
3957:Hermann Heinrich Gossen
3686:"imperfect" competition
1669:Criticism of capitalism
327:Industrial organization
184:Computational economics
6676:Microeconomic theories
6373:Modern Monetary Theory
5665:(1893). Translated as
5266:v 96 (1952) pp. 45–75.
5188:(1940). (See also his
5096:(1889). Translated as
5074:Stigler, George Joseph
5056:Stigler, George Joseph
4930:neoclassical economics
4744:Bohr model of the atom
4672:
4658:
4647:free market as perfect
4641:and the resurgence of
4619:. The first volume of
4617:exploitation of labour
3985:William Stanley Jevons
3912:St. Petersburg paradox
3878:
3786:
3470:
3450:
3430:
3410:
3386:
3240:
3085:
3023:
2993:
2917:
2794:
2701:
2656:'s First Law, is that
2638:
2546:
2459:
2424:
2361:
2340:
2319:
2292:
2262:
2191:
2164:
2038:The marginal use of a
1699:Exploitation of labour
1410:Primitive accumulation
179:Experimental economics
6457:Keynes–Marx synthesis
5854:Mathematical Psychics
5550:"Marginal Revolution"
5479:60 (1992) #1 (March).
5166:Mund, Vernon Arthur;
5157:(1954) Pt IV Ch 6 §4.
5138:Mathematical Psychics
4829:labor theory of value
4756:a paradox of gambling
4694:Mathematical Psychics
4613:(Ricardian) socialist
4573:marginal productivity
4541:Eugen Böhm von Bawerk
4230:University of Chicago
4107:French liberal school
3943:Nassau William Senior
3931:William Forster Lloyd
3882:Nassau William Senior
3874:
3782:
3471:
3451:
3436:as one's holdings of
3431:
3411:
3387:
3241:
3086:
3024:
2994:
2918:
2795:
2699:
2639:
2547:
2460:
2437:" indicates that the
2425:
2362:
2341:
2320:
2318:{\displaystyle S_{2}}
2293:
2291:{\displaystyle S_{1}}
2263:
2192:
2190:{\displaystyle S_{2}}
2165:
2163:{\displaystyle S_{1}}
1877:Capitalism portal
1689:Culture of capitalism
1644:Capitalist propaganda
1400:Industrial Revolution
1390:Commercial Revolution
6645:World-systems theory
6625:Mainstream economics
6565:Technocracy movement
6545:Saltwater/freshwater
6014:v. III pt. II ch. 10
5016:Der natürliche Werth
4799:Ockhamistic argument
4725:Bolshevik Revolution
4715:derived a theory of
4551:; and in America by
4547:; in Switzerland by
4545:Friedrich von Wieser
4160:Right-libertarianism
4145:Creative destruction
4050:Capital and Interest
3780:, wherein he writes
3540:improve this article
3460:
3440:
3420:
3416:in substitution for
3400:
3260:
3101:
3039:
3010:
2936:
2860:
2836:rate of substitution
2747:
2565:
2475:
2448:
2442:independent variable
2374:
2350:
2329:
2302:
2275:
2204:
2174:
2147:
2097:mainstream economics
2047:economic rationality
1852:Right-libertarianism
1782:Classical liberalism
1749:Venture philanthropy
1385:Capitalism and Islam
1380:Age of Enlightenment
975:Capital accumulation
406:Social choice theory
27:Concept in economics
6630:Heterodox economics
6358:Capability approach
6234:American (National)
6216:School of Salamanca
5712:. pp. 170–173.
4928:, marginalism, and
4102:Classical economics
4097:School of Salamanca
3967:Marginal Revolution
3651:diminishing returns
3506:diminishing returns
2805:indifference curves
2458:{\displaystyle g\,}
2360:{\displaystyle g\,}
2339:{\displaystyle g\,}
2066:to be so governed.
1972:mainstream economic
1889:Business portal
1005:Economic liberalism
995:Competitive markets
873:Business portal
194:Operations research
174:National accounting
6266:English historical
6109:2nd edition online
5968:), Chapter VII in
5818:] (in German).
5808:Hilferding, Rudolf
5724:Screpanti, Ernesto
5698:Screpanti, Ernesto
5682:Theory of Interest
5428:Nicolaus Bernoulli
5356:Whately, Richard;
4912:tradition such as
4758:, rather than the
4702:indifference curve
4460:Anarcho-capitalism
4207:Theory of interest
4112:School of Brentano
3934:the same insight.
3892:Economic Harmonies
3880:Whately's student
3830:Ferdinando Galiani
3745:. You can help by
3504:in consequence of
3466:
3446:
3426:
3406:
3382:
3339: oz ice cream
3293: oz ice cream
3236:
3081:
3022:{\displaystyle -1}
3019:
3004:indifference curve
2989:
2913:
2790:
2704:However, if there
2702:
2634:
2557:partial derivative
2542:
2496:
2455:
2420:
2357:
2336:
2315:
2288:
2258:
2187:
2160:
1950:in explanation of
1649:Capitalist realism
1040:Goods and services
1020:Fictitious capital
204:Industrial complex
199:Middle income trap
6686:Marginal concepts
6658:
6657:
6620:Political economy
6588:
6587:
6520:New institutional
6493:Neo-Schumpeterian
6301:Marxist economics
6281:German historical
5930:Value and Capital
5914:Value and Capital
5830:Bukharin, Nikolai
5253:, Bk 7 Chapter 1.
4926:political economy
4791:Oskar Morgenstern
4692:In his 1881 work
4668:Rudolf Hilferding
4609:Marxian economics
4575:of time and with
4524:
4523:
4270:Reason Foundation
4197:Spontaneous order
4155:View of inflation
4009:Second generation
3916:natural logarithm
3763:
3762:
3616:
3615:
3608:
3590:
3469:{\displaystyle B}
3449:{\displaystyle A}
3429:{\displaystyle B}
3409:{\displaystyle A}
3380:
3349:
3343:
3340:
3330:
3307:
3304:
3294:
3234:
3203:
3197:
3196:
3191:
3168:
3165:
3155:
3141:
3140:
3135:
3079:
3078:
3073:
2987:
2911:
2782:
2613:
2586:
2520:
2478:
2399:
1925:
1924:
1744:Spontaneous order
1714:History of theory
1357:New institutional
1327:Market monetarism
1262:Economic theories
1095:Supply and demand
1030:Free price system
921:
920:
18:Marginal analysis
16:(Redirected from
6693:
6650:Economic systems
6189:
6188:
6171:Medieval Islamic
6145:
6138:
6131:
6122:
6121:
6095:
6088:
6082:
6075:
6066:
6057:Mandel, Ernest;
6055:
6049:
6039:
6033:
6023:
6017:
6007:
6001:
5994:
5988:
5979:
5973:
5955:
5949:
5942:
5933:
5926:
5917:
5910:
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5892:
5886:
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5804:
5798:
5797:
5786:
5780:
5779:
5768:
5762:
5761:
5742:
5736:
5735:
5728:Zamagni, Stefano
5720:
5714:
5713:
5702:Zamagni, Stefano
5694:
5685:
5680:Fisher, Irving;
5678:
5672:
5659:
5653:
5642:
5636:
5629:
5620:
5619:
5611:
5605:
5604:
5599:Desai, Meghnad.
5596:
5590:
5589:
5583:
5575:
5545:
5539:
5526:
5520:
5499:
5493:
5486:
5480:
5473:
5467:
5464:Economic Journal
5457:
5451:
5448:
5442:
5432:excerpted in PDF
5424:
5418:
5408:excerpted in PDF
5404:
5398:
5388:excerpted in PDF
5384:
5378:
5367:
5361:
5354:
5348:
5341:
5335:
5325:
5319:
5312:
5306:
5299:
5293:
5286:
5280:
5277:Economic Journal
5273:
5267:
5260:
5254:
5244:
5238:
5237:
5215:
5209:
5202:
5196:
5177:
5171:
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5142:
5133:
5124:
5114:
5105:
5090:
5081:
5071:
5065:
5053:
5047:
5038:
5023:
5012:
5006:
4999:
4988:
4978:
4956:
4954:Economics portal
4951:
4950:
4918:Włodzimierz Brus
4860:Nikolai Bukharin
4787:John von Neumann
4760:paradox of value
4682:Nikolai Bukharin
4675:
4661:
4615:theories of the
4611:and the earlier
4539:; in Austria by
4529:Philip Wicksteed
4516:
4509:
4502:
4491:
4487:
4486:
4465:Economic freedom
4036:
4013:
4012:
4002:John Bates Clark
3983:in Switzerland.
3979:in Austria, and
3904:Daniel Bernoulli
3888:Frédéric Bastiat
3820:Giovanni Rinaldo
3804:Antonio Genovesi
3758:
3755:
3737:
3730:
3698:Paradox of value
3611:
3604:
3600:
3597:
3591:
3589:
3548:
3524:
3516:
3492:opportunity cost
3475:
3473:
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2185:
2169:
2167:
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2159:
2158:
2095:In 20th century
2080:Marginal utility
2074:Marginal utility
1937:marginal utility
1917:
1910:
1903:
1887:
1886:
1875:
1874:
1679:Critique of work
1654:Capitalist state
1337:Critique of work
1220:Regulated market
1122:Economic systems
1075:Private property
1025:Financial market
1015:Entrepreneurship
1010:Economic surplus
923:
922:
913:
906:
899:
885:Money portal
883:
882:
881:
871:
870:
367:Natural resource
159:Economic systems
55:
32:
31:
21:
6701:
6700:
6696:
6695:
6694:
6692:
6691:
6690:
6661:
6660:
6659:
6654:
6584:
6570:Thermoeconomics
6341:21st centuries)
6340:
6338:
6332:
6220:
6180:
6166:Ancient schools
6154:
6149:
6104:
6099:
6098:
6090:Steedman, Ian;
6089:
6085:
6077:Dobb, Maurice;
6076:
6069:
6056:
6052:
6040:
6036:
6024:
6020:
6008:
6004:
5995:
5991:
5980:
5976:
5966:Wayback Machine
5956:
5952:
5943:
5936:
5927:
5920:
5911:
5907:
5893:
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5880:
5876:
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5827:
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5805:
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5787:
5783:
5769:
5765:
5743:
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5721:
5717:
5695:
5688:
5679:
5675:
5660:
5656:
5643:
5639:
5630:
5623:
5614:Sandmo, Agnar.
5612:
5608:
5597:
5593:
5577:
5576:
5572:
5546:
5542:
5531:(translated as
5527:
5523:
5509:Wayback Machine
5500:
5496:
5487:
5483:
5474:
5470:
5458:
5454:
5449:
5445:
5439:Wayback Machine
5425:
5421:
5415:Wayback Machine
5405:
5401:
5395:Wayback Machine
5385:
5381:
5368:
5364:
5355:
5351:
5343:Pribram, Karl;
5342:
5338:
5326:
5322:
5314:Meikle, Scott;
5313:
5309:
5300:
5296:
5287:
5283:
5274:
5270:
5261:
5257:
5245:
5241:
5234:
5216:
5212:
5203:
5199:
5178:
5174:
5165:
5161:
5152:
5145:
5134:
5127:
5115:
5108:
5091:
5084:
5072:
5068:
5054:
5050:
5039:
5026:
5013:
5009:
5005:(1884), p. 128.
5000:
4991:
4979:
4975:
4970:
4962:Theory of value
4952:
4945:
4942:
4906:
4822:
4816:
4811:
4752:
4717:consumer choice
4690:
4639:Long Depression
4605:
4577:time preference
4557:Frank A. Fetter
4549:Vilfredo Pareto
4537:Alfred Marshall
4520:
4481:
4480:
4475:
4474:
4455:
4447:
4446:
4445:
4285:
4275:
4274:
4260:Mercatus Center
4255:Mises Institute
4220:
4212:
4211:
4130:
4122:
4121:
4092:
4084:
4083:
4044:
4043:Principal works
4026:Austrian school
4011:
3969:
3918:(Bernoulli) or
3900:
3866:Richard Whately
3816:Cesare Beccaria
3808:Giammaria Ortes
3768:
3759:
3753:
3750:
3743:needs expansion
3728:
3700:
3694:
3674:
3640:
3628:
3612:
3601:
3595:
3592:
3549:
3547:
3537:
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3461:
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3333:
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3273:
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3261:
3258:
3257:
3224:
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3213:
3208:
3188:
3184:
3182:
3178:
3173:
3162:
3158:
3152:
3148:
3146:
3132:
3128:
3126:
3114:
3110:
3102:
3099:
3098:
3070:
3066:
3064:
3052:
3048:
3040:
3037:
3036:
3011:
3008:
3007:
3006:(multiplied by
2977:
2973:
2966:
2961:
2949:
2945:
2937:
2934:
2933:
2901:
2897:
2890:
2885:
2873:
2869:
2861:
2858:
2857:
2840:least favorable
2832:
2826:
2775:
2771:
2767:
2757:
2753:
2752:
2750:
2748:
2745:
2744:
2676:partially order
2659:ceteris paribus
2650:
2619:
2605:
2597:
2595:
2592:
2591:
2578:
2570:
2568:
2566:
2563:
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2181:
2177:
2175:
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2171:
2154:
2150:
2148:
2145:
2144:
2137:
2082:
2076:
2040:good or service
2036:
2030:
1985:
1980:
1944:Alfred Marshall
1930:is a theory of
1921:
1881:
1869:
1862:
1861:
1767:
1759:
1758:
1734:Post-capitalism
1639:Anti-capitalism
1634:
1626:
1625:
1521:
1513:
1512:
1433:
1425:
1424:
1375:
1367:
1366:
1263:
1255:
1254:
1245:State-sponsored
1123:
1115:
1114:
980:Capital markets
945:
917:
879:
877:
865:
858:
857:
828:
818:
817:
816:
815:
579:von Böhm-Bawerk
467:
456:
455:
217:
209:
208:
164:Economic growth
154:
146:
145:
87:
85:classifications
28:
23:
22:
15:
12:
11:
5:
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6537:
6532:
6530:Organizational
6527:
6522:
6517:
6516:
6515:
6510:
6500:
6495:
6490:
6485:
6480:
6478:Neo-Malthusian
6475:
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6462:
6461:
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6459:
6454:
6444:
6439:
6438:
6437:
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6407:
6402:
6397:
6395:Disequilibrium
6392:
6387:
6385:Constitutional
6382:
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6273:
6271:French liberal
6268:
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6103:
6102:External links
6100:
6097:
6096:
6083:
6067:
6050:
6034:
6018:
6002:
5989:
5974:
5950:
5948:vol 12 (1974).
5934:
5918:
5905:
5887:
5874:
5858:
5845:
5821:
5799:
5781:
5763:
5737:
5715:
5686:
5673:
5654:
5637:
5621:
5606:
5603:. Verso Books.
5591:
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4958:
4957:
4941:
4938:
4922:Michał Kalecki
4905:
4902:
4882:
4881:
4869:
4868:
4856:
4855:
4851:
4849:
4833:exchange value
4818:Main article:
4815:
4812:
4810:
4807:
4795:Leonard Savage
4751:
4748:
4733:R. G. D. Allen
4700:presented the
4689:
4686:
4643:class conflict
4604:
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4361:Huerta de Soto
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4232:
4227:
4225:Cato Institute
4221:
4218:
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4209:
4204:
4199:
4194:
4192:Roundaboutness
4189:
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4117:Methodenstreit
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4007:
3968:
3965:
3908:Gabriel Cramer
3899:
3896:
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3764:
3761:
3760:
3740:
3738:
3727:
3724:
3696:Main article:
3693:
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3673:
3670:
3639:
3636:
3627:
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3614:
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3528:
3526:
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3513:
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3484:Main article:
3481:
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3405:
3393:
3392:
3376:
3373:
3369:
3365:
3362:
3358:
3353:
3347:
3336:
3329: g banana
3326:
3320:
3316:
3311:
3303: g banana
3300:
3290:
3284:
3279:
3276:
3272:
3268:
3265:
3251:and vice versa
3247:
3246:
3230:
3227:
3223:
3219:
3216:
3212:
3207:
3201:
3187:
3181:
3177:
3172:
3161:
3151:
3145:
3131:
3125:
3120:
3117:
3113:
3109:
3106:
3092:
3091:
3069:
3063:
3058:
3055:
3051:
3047:
3044:
3018:
3015:
3000:
2999:
2983:
2980:
2976:
2972:
2969:
2965:
2960:
2955:
2952:
2948:
2944:
2941:
2924:
2923:
2907:
2904:
2900:
2896:
2893:
2889:
2884:
2879:
2876:
2872:
2868:
2865:
2828:Main article:
2825:
2822:
2818:quasiconcavity
2801:
2800:
2789:
2786:
2778:
2774:
2770:
2765:
2760:
2756:
2694:
2693:
2649:
2646:
2645:
2644:
2631:
2628:
2625:
2622:
2617:
2611:
2608:
2603:
2600:
2594:
2590:
2584:
2581:
2576:
2573:
2553:
2552:
2538:
2535:
2532:
2529:
2524:
2518:
2515:
2510:
2507:
2501:
2494:
2491:
2488:
2485:
2481:
2453:
2431:
2430:
2417:
2414:
2411:
2408:
2403:
2397:
2394:
2389:
2386:
2380:
2355:
2334:
2312:
2308:
2285:
2281:
2269:
2268:
2256:
2251:
2247:
2243:
2240:
2237:
2234:
2229:
2225:
2221:
2218:
2215:
2212:
2209:
2184:
2180:
2157:
2153:
2136:
2133:
2106:quantification
2078:Main article:
2075:
2072:
2032:Main article:
2029:
2026:
2018:infinitesimals
1984:
1981:
1979:
1976:
1923:
1922:
1920:
1919:
1912:
1905:
1897:
1894:
1893:
1892:
1891:
1879:
1864:
1863:
1860:
1859:
1854:
1849:
1844:
1842:Ordoliberalism
1839:
1834:
1829:
1824:
1819:
1814:
1809:
1804:
1799:
1794:
1789:
1784:
1779:
1774:
1768:
1765:
1764:
1761:
1760:
1757:
1756:
1751:
1746:
1741:
1736:
1731:
1726:
1721:
1719:Market economy
1716:
1711:
1706:
1701:
1696:
1691:
1686:
1681:
1676:
1671:
1666:
1661:
1656:
1651:
1646:
1641:
1635:
1633:Related topics
1632:
1631:
1628:
1627:
1624:
1623:
1618:
1613:
1608:
1603:
1598:
1593:
1588:
1583:
1578:
1573:
1568:
1563:
1558:
1553:
1548:
1543:
1538:
1533:
1528:
1522:
1519:
1518:
1515:
1514:
1511:
1510:
1505:
1503:State monopoly
1500:
1495:
1490:
1485:
1480:
1475:
1470:
1465:
1460:
1455:
1450:
1445:
1440:
1434:
1431:
1430:
1427:
1426:
1423:
1422:
1417:
1412:
1407:
1402:
1397:
1392:
1387:
1382:
1376:
1373:
1372:
1369:
1368:
1365:
1364:
1359:
1354:
1349:
1344:
1339:
1334:
1329:
1324:
1323:
1322:
1317:
1312:
1302:
1297:
1292:
1287:
1286:
1285:
1275:
1270:
1264:
1261:
1260:
1257:
1256:
1253:
1252:
1247:
1242:
1237:
1232:
1227:
1222:
1217:
1212:
1207:
1202:
1197:
1192:
1187:
1182:
1177:
1172:
1167:
1162:
1155:
1150:
1145:
1140:
1135:
1130:
1124:
1121:
1120:
1117:
1116:
1113:
1112:
1107:
1102:
1097:
1092:
1087:
1082:
1077:
1072:
1067:
1062:
1060:Liberalization
1057:
1052:
1050:Invisible hand
1047:
1042:
1037:
1032:
1027:
1022:
1017:
1012:
1007:
1002:
997:
992:
987:
982:
977:
972:
967:
965:Businessperson
962:
960:Business cycle
957:
952:
946:
943:
942:
939:
938:
932:
931:
919:
918:
916:
915:
908:
901:
893:
890:
889:
888:
887:
875:
860:
859:
856:
855:
850:
840:
835:
829:
824:
823:
820:
819:
814:
813:
806:
801:
796:
791:
786:
781:
776:
771:
766:
761:
756:
751:
746:
741:
736:
731:
726:
721:
716:
711:
706:
701:
696:
691:
686:
681:
676:
671:
666:
661:
656:
651:
646:
641:
636:
631:
626:
621:
616:
611:
606:
601:
596:
591:
586:
581:
576:
571:
566:
561:
556:
551:
546:
541:
536:
531:
526:
521:
516:
511:
506:
501:
496:
491:
486:
481:
476:
470:
469:
468:
462:
461:
458:
457:
454:
453:
448:
443:
438:
433:
428:
423:
418:
413:
408:
399:
394:
389:
384:
379:
374:
372:Organizational
369:
364:
359:
354:
349:
344:
339:
334:
329:
324:
319:
314:
309:
304:
299:
294:
289:
284:
279:
274:
269:
264:
259:
254:
249:
244:
239:
234:
229:
224:
218:
216:By application
215:
214:
211:
210:
207:
206:
201:
196:
191:
186:
181:
176:
171:
166:
161:
155:
152:
151:
148:
147:
144:
143:
138:
133:
128:
123:
118:
109:
104:
99:
94:
88:
82:
81:
78:
77:
76:
75:
70:
65:
57:
56:
48:
47:
41:
40:
26:
9:
6:
4:
3:
2:
6698:
6687:
6684:
6682:
6679:
6677:
6674:
6672:
6669:
6668:
6666:
6651:
6648:
6646:
6643:
6641:
6638:
6636:
6633:
6631:
6628:
6626:
6623:
6621:
6618:
6616:
6613:
6611:
6608:
6606:
6603:
6601:
6598:
6597:
6595:
6591:
6581:
6580:Social credit
6578:
6576:
6573:
6571:
6568:
6566:
6563:
6561:
6558:
6556:
6555:Structuralist
6553:
6551:
6548:
6546:
6543:
6541:
6538:
6536:
6535:Public choice
6533:
6531:
6528:
6526:
6523:
6521:
6518:
6514:
6511:
6509:
6506:
6505:
6504:
6503:New classical
6501:
6499:
6498:Neoliberalism
6496:
6494:
6491:
6489:
6488:Neo-Ricardian
6486:
6484:
6481:
6479:
6476:
6472:
6469:
6468:
6467:
6464:
6458:
6455:
6453:
6450:
6449:
6448:
6445:
6443:
6440:
6436:
6433:
6432:
6431:
6428:
6427:
6426:
6423:
6421:
6420:Institutional
6418:
6416:
6413:
6411:
6408:
6406:
6403:
6401:
6398:
6396:
6393:
6391:
6388:
6386:
6383:
6381:
6378:
6374:
6371:
6370:
6369:
6366:
6364:
6361:
6359:
6356:
6354:
6351:
6349:
6346:
6345:
6343:
6335:
6329:
6326:
6322:
6319:
6318:
6317:
6314:
6312:
6309:
6307:
6304:
6302:
6299:
6297:
6294:
6292:
6289:
6287:
6284:
6282:
6279:
6277:
6274:
6272:
6269:
6267:
6264:
6262:
6259:
6255:
6252:
6251:
6250:
6247:
6245:
6242:
6240:
6237:
6235:
6232:
6231:
6229:
6227:
6223:
6217:
6214:
6212:
6209:
6207:
6204:
6202:
6199:
6198:
6196:
6194:
6190:
6187:
6183:
6177:
6176:Scholasticism
6174:
6172:
6169:
6167:
6164:
6163:
6161:
6157:
6153:
6146:
6141:
6139:
6134:
6132:
6127:
6126:
6123:
6117:
6113:
6110:
6106:
6105:
6093:
6087:
6080:
6074:
6072:
6064:
6060:
6054:
6047:
6044:
6038:
6031:
6028:
6022:
6015:
6013:
6006:
5999:
5993:
5986:
5985:
5978:
5971:
5967:
5963:
5960:
5954:
5947:
5941:
5939:
5931:
5925:
5923:
5915:
5909:
5902:
5901:
5896:
5891:
5884:
5878:
5871:
5867:
5866:Eugen Slutsky
5862:
5856:
5855:
5849:
5841:
5837:
5836:
5831:
5825:
5817:
5813:
5809:
5803:
5795:
5791:
5785:
5777:
5773:
5767:
5759:
5755:
5751:
5747:
5741:
5733:
5729:
5725:
5719:
5711:
5707:
5703:
5699:
5693:
5691:
5683:
5677:
5671:
5669:
5664:
5658:
5651:
5647:
5641:
5634:
5628:
5626:
5617:
5610:
5602:
5595:
5587:
5581:
5573:
5571:9781349588022
5567:
5563:
5559:
5555:
5551:
5544:
5537:
5535:
5530:
5525:
5518:
5514:
5510:
5506:
5503:
5498:
5491:
5485:
5478:
5472:
5465:
5461:
5456:
5447:
5440:
5436:
5433:
5429:
5423:
5416:
5412:
5409:
5403:
5396:
5392:
5389:
5383:
5376:
5372:
5366:
5359:
5353:
5346:
5340:
5333:
5329:
5328:Přibram, Karl
5324:
5317:
5311:
5304:
5298:
5291:
5285:
5278:
5272:
5265:
5259:
5252:
5248:
5243:
5235:
5233:0-415-09670-7
5229:
5225:
5221:
5214:
5207:
5204:Smith, Adam;
5201:
5194:
5192:
5187:
5186:
5181:
5176:
5169:
5163:
5156:
5150:
5148:
5140:
5139:
5132:
5130:
5122:
5119:; "Utility",
5118:
5113:
5111:
5103:
5099:
5095:
5089:
5087:
5079:
5075:
5070:
5063:
5062:
5057:
5052:
5045:
5044:
5037:
5035:
5033:
5031:
5029:
5021:
5017:
5011:
5004:
4998:
4996:
4994:
4986:
4982:
4977:
4973:
4963:
4960:
4959:
4955:
4949:
4944:
4937:
4935:
4934:surplus labor
4931:
4927:
4923:
4919:
4915:
4911:
4901:
4899:
4894:
4889:
4886:
4878:
4877:
4876:
4874:
4873:Ernest Mandel
4865:
4864:
4863:
4861:
4852:
4850:
4846:
4845:
4844:
4842:
4838:
4834:
4830:
4826:
4821:
4806:
4804:
4803:risk aversion
4800:
4796:
4792:
4788:
4784:
4780:
4777:of Bernoulli
4776:
4771:
4769:
4765:
4761:
4757:
4747:
4745:
4740:
4736:
4734:
4730:
4726:
4722:
4721:the World War
4718:
4714:
4713:Eugen Slutsky
4709:
4707:
4703:
4699:
4695:
4685:
4683:
4679:
4674:
4669:
4665:
4660:
4655:
4650:
4648:
4644:
4640:
4636:
4632:
4627:
4624:
4623:
4618:
4614:
4610:
4600:
4597:
4593:
4588:
4586:
4585:Irving Fisher
4582:
4581:Knut Wicksell
4578:
4574:
4568:
4566:
4560:
4558:
4554:
4550:
4546:
4542:
4538:
4534:
4533:William Smart
4530:
4517:
4512:
4510:
4505:
4503:
4498:
4497:
4495:
4494:
4490:
4485:
4479:
4478:
4471:
4468:
4466:
4463:
4461:
4458:
4457:
4451:
4450:
4442:
4439:
4437:
4434:
4432:
4429:
4427:
4424:
4422:
4419:
4417:
4414:
4412:
4409:
4407:
4404:
4402:
4399:
4397:
4394:
4392:
4389:
4387:
4384:
4382:
4379:
4377:
4374:
4372:
4369:
4367:
4364:
4362:
4359:
4357:
4354:
4352:
4349:
4347:
4344:
4342:
4339:
4337:
4334:
4332:
4329:
4327:
4324:
4322:
4319:
4317:
4314:
4312:
4309:
4307:
4304:
4302:
4299:
4297:
4294:
4292:
4289:
4288:
4284:
4279:
4278:
4271:
4268:
4266:
4263:
4261:
4258:
4256:
4253:
4251:
4248:
4246:
4243:
4241:
4238:
4236:
4233:
4231:
4228:
4226:
4223:
4222:
4216:
4215:
4208:
4205:
4203:
4200:
4198:
4195:
4193:
4190:
4188:
4185:
4183:
4180:
4178:
4175:
4173:
4172:Malinvestment
4170:
4166:
4163:
4162:
4161:
4158:
4156:
4153:
4151:
4148:
4146:
4143:
4141:
4138:
4136:
4133:
4132:
4126:
4125:
4118:
4115:
4113:
4110:
4108:
4105:
4103:
4100:
4098:
4095:
4094:
4088:
4087:
4080:
4079:
4075:
4073:
4072:
4068:
4066:
4065:
4061:
4059:
4058:
4054:
4052:
4051:
4047:
4046:
4040:
4039:
4035:
4031:
4030:
4027:
4024:
4023:
4019:
4015:
4014:
4006:
4003:
3999:
3995:
3990:
3986:
3982:
3978:
3974:
3964:
3962:
3958:
3953:
3951:
3946:
3944:
3940:
3935:
3932:
3928:
3923:
3921:
3917:
3913:
3909:
3905:
3895:
3893:
3889:
3885:
3883:
3877:
3873:
3871:
3867:
3862:
3860:
3856:
3851:
3849:
3845:
3841:
3839:
3835:
3831:
3828:(1751), Abbé
3827:
3826:
3821:
3817:
3813:
3809:
3805:
3801:
3800:mercantilists
3796:
3794:
3789:
3785:
3781:
3779:
3778:
3773:
3757:
3748:
3744:
3741:This section
3739:
3736:
3732:
3731:
3723:
3719:
3717:
3713:
3709:
3705:
3699:
3689:
3687:
3683:
3679:
3669:
3667:
3663:
3659:
3654:
3652:
3648:
3643:
3635:
3631:
3623:
3621:
3610:
3607:
3599:
3588:
3585:
3581:
3578:
3574:
3571:
3567:
3564:
3560:
3557: –
3556:
3555:"Marginalism"
3552:
3551:Find sources:
3545:
3541:
3535:
3534:
3529:This section
3527:
3523:
3518:
3517:
3509:
3507:
3501:
3499:
3498:
3493:
3487:
3486:Marginal cost
3480:Marginal cost
3477:
3463:
3443:
3423:
3403:
3374:
3371:
3367:
3363:
3360:
3356:
3351:
3345:
3334:
3324:
3318:
3314:
3309:
3298:
3288:
3282:
3277:
3274:
3270:
3266:
3263:
3256:
3255:
3254:
3252:
3228:
3225:
3221:
3217:
3214:
3210:
3205:
3199:
3185:
3179:
3175:
3170:
3159:
3149:
3143:
3129:
3123:
3118:
3115:
3111:
3107:
3104:
3097:
3096:
3095:
3067:
3061:
3056:
3053:
3049:
3045:
3042:
3035:
3034:
3033:
3030:
3016:
3013:
3005:
2981:
2978:
2974:
2970:
2967:
2963:
2958:
2953:
2950:
2946:
2942:
2939:
2932:
2931:
2930:
2929:
2928:limiting case
2905:
2902:
2898:
2894:
2891:
2887:
2882:
2877:
2874:
2870:
2866:
2863:
2856:
2855:
2854:
2852:
2847:
2845:
2841:
2837:
2831:
2821:
2819:
2815:
2810:
2806:
2787:
2784:
2776:
2772:
2763:
2758:
2743:
2742:
2741:
2739:
2738:
2732:
2730:
2726:
2723:
2719:
2714:
2712:
2707:
2698:
2690:
2689:
2688:
2685:
2681:
2677:
2672:
2669:
2665:
2661:
2660:
2655:
2629:
2626:
2623:
2620:
2615:
2609:
2601:
2588:
2582:
2574:
2561:
2560:
2559:
2558:
2536:
2533:
2530:
2527:
2522:
2516:
2508:
2492:
2486:
2471:
2470:
2469:
2466:
2451:
2444:to change is
2443:
2440:
2436:
2415:
2412:
2409:
2406:
2401:
2395:
2387:
2370:
2369:
2368:
2353:
2332:
2310:
2306:
2283:
2279:
2271:Moreover, if
2249:
2245:
2238:
2235:
2227:
2223:
2216:
2213:
2210:
2200:
2199:
2198:
2182:
2178:
2155:
2151:
2142:
2132:
2129:
2125:
2121:
2117:
2113:
2108:
2107:
2102:
2098:
2093:
2091:
2087:
2081:
2071:
2067:
2065:
2061:
2056:
2052:
2048:
2043:
2041:
2035:
2025:
2023:
2019:
2014:
2012:
2008:
2006:
2000:
1998:
1994:
1990:
1978:Main concepts
1975:
1973:
1969:
1965:
1961:
1957:
1953:
1949:
1945:
1940:
1938:
1933:
1929:
1918:
1913:
1911:
1906:
1904:
1899:
1898:
1896:
1895:
1890:
1885:
1880:
1878:
1873:
1868:
1867:
1866:
1865:
1858:
1855:
1853:
1850:
1848:
1845:
1843:
1840:
1838:
1835:
1833:
1832:Neoliberalism
1830:
1828:
1825:
1823:
1820:
1818:
1815:
1813:
1810:
1808:
1805:
1803:
1800:
1798:
1795:
1793:
1790:
1788:
1785:
1783:
1780:
1778:
1777:Authoritarian
1775:
1773:
1770:
1769:
1763:
1762:
1755:
1752:
1750:
1747:
1745:
1742:
1740:
1737:
1735:
1732:
1730:
1727:
1725:
1722:
1720:
1717:
1715:
1712:
1710:
1707:
1705:
1704:Globalization
1702:
1700:
1697:
1695:
1692:
1690:
1687:
1685:
1682:
1680:
1677:
1675:
1672:
1670:
1667:
1665:
1664:Crisis theory
1662:
1660:
1657:
1655:
1652:
1650:
1647:
1645:
1642:
1640:
1637:
1636:
1630:
1629:
1622:
1619:
1617:
1614:
1612:
1609:
1607:
1604:
1602:
1599:
1597:
1594:
1592:
1589:
1587:
1584:
1582:
1579:
1577:
1574:
1572:
1569:
1567:
1564:
1562:
1559:
1557:
1554:
1552:
1549:
1547:
1544:
1542:
1539:
1537:
1534:
1532:
1529:
1527:
1524:
1523:
1520:Intellectuals
1517:
1516:
1509:
1508:Technological
1506:
1504:
1501:
1499:
1496:
1494:
1491:
1489:
1486:
1484:
1481:
1479:
1476:
1474:
1471:
1469:
1466:
1464:
1461:
1459:
1456:
1454:
1451:
1449:
1446:
1444:
1441:
1439:
1436:
1435:
1429:
1428:
1421:
1418:
1416:
1413:
1411:
1408:
1406:
1403:
1401:
1398:
1396:
1393:
1391:
1388:
1386:
1383:
1381:
1378:
1377:
1371:
1370:
1363:
1360:
1358:
1355:
1353:
1350:
1348:
1345:
1343:
1340:
1338:
1335:
1333:
1330:
1328:
1325:
1321:
1318:
1316:
1313:
1311:
1308:
1307:
1306:
1303:
1301:
1300:Institutional
1298:
1296:
1293:
1291:
1288:
1284:
1281:
1280:
1279:
1276:
1274:
1271:
1269:
1266:
1265:
1259:
1258:
1251:
1248:
1246:
1243:
1241:
1238:
1236:
1233:
1231:
1228:
1226:
1223:
1221:
1218:
1216:
1213:
1211:
1208:
1206:
1203:
1201:
1198:
1196:
1193:
1191:
1188:
1186:
1183:
1181:
1178:
1176:
1173:
1171:
1168:
1166:
1163:
1161:
1160:
1159:Laissez-faire
1156:
1154:
1151:
1149:
1146:
1144:
1141:
1139:
1136:
1134:
1133:Authoritarian
1131:
1129:
1126:
1125:
1119:
1118:
1111:
1108:
1106:
1103:
1101:
1100:Surplus value
1098:
1096:
1093:
1091:
1088:
1086:
1083:
1081:
1080:Privatization
1078:
1076:
1073:
1071:
1068:
1066:
1063:
1061:
1058:
1056:
1053:
1051:
1048:
1046:
1043:
1041:
1038:
1036:
1033:
1031:
1028:
1026:
1023:
1021:
1018:
1016:
1013:
1011:
1008:
1006:
1003:
1001:
998:
996:
993:
991:
988:
986:
983:
981:
978:
976:
973:
971:
968:
966:
963:
961:
958:
956:
953:
951:
948:
947:
941:
940:
937:
934:
933:
929:
925:
924:
914:
909:
907:
902:
900:
895:
894:
892:
891:
886:
876:
874:
869:
864:
863:
862:
861:
854:
851:
848:
844:
841:
839:
836:
834:
831:
830:
827:
822:
821:
812:
811:
807:
805:
802:
800:
797:
795:
792:
790:
787:
785:
782:
780:
777:
775:
772:
770:
767:
765:
762:
760:
757:
755:
752:
750:
747:
745:
742:
740:
737:
735:
732:
730:
727:
725:
722:
720:
717:
715:
712:
710:
707:
705:
702:
700:
697:
695:
692:
690:
687:
685:
682:
680:
677:
675:
672:
670:
667:
665:
662:
660:
657:
655:
652:
650:
647:
645:
642:
640:
637:
635:
632:
630:
627:
625:
622:
620:
617:
615:
612:
610:
607:
605:
602:
600:
597:
595:
592:
590:
587:
585:
582:
580:
577:
575:
572:
570:
567:
565:
562:
560:
557:
555:
552:
550:
547:
545:
542:
540:
537:
535:
532:
530:
527:
525:
522:
520:
517:
515:
512:
510:
507:
505:
502:
500:
497:
495:
492:
490:
487:
485:
482:
480:
477:
475:
474:de Mandeville
472:
471:
466:
460:
459:
452:
449:
447:
444:
442:
439:
437:
434:
432:
429:
427:
424:
422:
419:
417:
414:
412:
409:
407:
403:
402:Public choice
400:
398:
395:
393:
390:
388:
385:
383:
380:
378:
377:Participation
375:
373:
370:
368:
365:
363:
360:
358:
355:
353:
350:
348:
345:
343:
340:
338:
337:Institutional
335:
333:
330:
328:
325:
323:
320:
318:
315:
313:
310:
308:
305:
303:
300:
298:
295:
293:
290:
288:
287:Expeditionary
285:
283:
280:
278:
277:Environmental
275:
273:
270:
268:
265:
263:
260:
258:
255:
253:
250:
248:
245:
243:
240:
238:
235:
233:
230:
228:
225:
223:
220:
219:
213:
212:
205:
202:
200:
197:
195:
192:
190:
187:
185:
182:
180:
177:
175:
172:
170:
167:
165:
162:
160:
157:
156:
150:
149:
142:
139:
137:
134:
132:
129:
127:
124:
122:
119:
117:
113:
110:
108:
107:International
105:
103:
100:
98:
95:
93:
90:
89:
86:
83:Branches and
80:
79:
74:
71:
69:
66:
64:
61:
60:
59:
58:
54:
50:
49:
46:
43:
42:
38:
34:
33:
30:
19:
6405:Evolutionary
6337:Contemporary
6316:Neoclassical
6295:
6261:Distributist
6206:Mercantilism
6193:Early modern
6091:
6086:
6078:
6058:
6053:
6042:
6037:
6026:
6021:
6011:
6009:Marx, Karl;
6005:
5997:
5992:
5982:
5977:
5969:
5953:
5945:
5929:
5913:
5908:
5898:
5890:
5882:
5877:
5869:
5861:
5853:
5848:
5839:
5834:
5824:
5815:
5811:
5802:
5793:
5784:
5775:
5766:
5753:
5749:
5740:
5731:
5718:
5705:
5681:
5676:
5667:
5662:
5657:
5649:
5645:
5640:
5632:
5615:
5609:
5600:
5594:
5553:
5543:
5533:
5528:
5524:
5516:
5497:
5489:
5484:
5476:
5471:
5463:
5455:
5446:
5422:
5402:
5382:
5375:Econometrica
5374:
5370:
5365:
5357:
5352:
5344:
5339:
5331:
5323:
5315:
5310:
5302:
5297:
5292:v 78 (1964).
5289:
5284:
5276:
5271:
5263:
5258:
5250:
5242:
5219:
5213:
5205:
5200:
5191:Human Action
5190:
5184:
5175:
5167:
5162:
5154:
5137:
5120:
5101:
5097:
5093:
5077:
5069:
5059:
5051:
5041:
5015:
5010:
5002:
4984:
4976:
4907:
4892:
4890:
4885:Maurice Dobb
4883:
4870:
4857:
4840:
4823:
4793:(1944), and
4783:Frank Ramsey
4778:
4772:
4753:
4741:
4737:
4710:
4705:
4693:
4691:
4677:
4663:
4651:
4631:E. Screpanti
4628:
4620:
4606:
4591:
4589:
4569:
4561:
4525:
4250:Liberty Fund
4176:
4140:Catallactics
4076:
4069:
4062:
4057:Human Action
4055:
4048:
3997:
3975:in England,
3970:
3960:
3954:
3950:Jules Dupuit
3947:
3938:
3936:
3926:
3924:
3901:
3891:
3886:
3879:
3875:
3869:
3863:
3858:
3852:
3847:
3842:
3837:
3833:
3825:Della Moneta
3823:
3812:Pietro Verri
3797:
3792:
3790:
3787:
3783:
3776:
3769:
3751:
3747:adding to it
3742:
3720:
3715:
3711:
3707:
3701:
3677:
3675:
3665:
3661:
3657:
3655:
3644:
3641:
3632:
3629:
3617:
3602:
3596:October 2021
3593:
3583:
3576:
3569:
3562:
3550:
3538:Please help
3533:verification
3530:
3502:
3495:
3489:
3394:
3250:
3248:
3093:
3031:
3001:
2925:
2848:
2843:
2839:
2835:
2833:
2809:level curves
2802:
2735:
2733:
2717:
2715:
2710:
2705:
2703:
2683:
2673:
2668:instrumental
2657:
2651:
2554:
2467:
2438:
2432:
2270:
2141:special case
2138:
2127:
2123:
2119:
2115:
2111:
2104:
2099:, the term "
2094:
2089:
2086:marginal use
2083:
2068:
2063:
2060:prescriptive
2044:
2037:
2034:Marginal use
2028:Marginal use
2015:
2010:
2004:
2001:
1996:
1992:
1988:
1986:
1956:neoclassical
1941:
1927:
1926:
1754:Wage slavery
1694:Evergreening
1405:Mercantilism
1352:Neoclassical
1180:Mercantilist
1157:
1090:Rent seeking
1064:
1055:Visible hand
843:Publications
808:
431:Sociological
404: /
302:Geographical
282:Evolutionary
257:Digitization
222:Agricultural
126:Mathematical
97:Econometrics
29:
6560:Supply-side
6483:Neo-Marxian
6296:Marginalism
6226:Late modern
6211:Physiocrats
4914:Oskar Lange
4768:uncertainty
4676:(1904) and
4664:Das Kapital
4622:Das Kapital
4401:Morgenstern
4291:Böhm-Bawerk
4177:Marginalism
4018:a series on
3994:Léon Walras
3989:Carl Menger
3920:square root
3190: sheep
3164: sheep
3072: sheep
2725:subtraction
2718:diminishing
2055:Descriptive
1983:Marginality
1928:Marginalism
1837:Objectivism
1822:Libertarian
1739:Speculation
1659:Consumerism
1493:Progressive
1432:Development
1415:Physiocracy
1362:Supply-side
1170:Libertarian
1148:Free-market
1128:Anglo-Saxon
1110:Wage labour
1065:Marginalism
1035:Free market
990:Corporation
679:von Neumann
332:Information
272:Engineering
252:Development
247:Demographic
189:Game theory
131:Methodology
6665:Categories
6540:Regulation
6466:Monetarism
6452:Circuitism
6400:Ecological
6368:Chartalism
6348:Behavioral
6291:Manchester
6286:Malthusian
6244:Birmingham
6201:Cameralism
6185:Modern era
6159:Pre-modern
5885:54 (1934).
5872:51 (1915).
5377:22 (1954).
4968:References
4729:John Hicks
4680:(1914) by
4635:S. Zamagni
4187:Praxeology
3959:published
3802:, such as
3704:Adam Smith
3678:vice versa
3566:newspapers
3154: goat
3134: goat
2722:arithmetic
2711:increasing
2139:Under the
2120:border use
2116:usefulness
1817:Liberalism
1802:Humanistic
1787:Democratic
1766:Ideologies
1601:Schumpeter
1347:Monetarist
1278:Chartalism
1225:Regulatory
1200:Neoliberal
1153:Humanistic
936:Capitalism
838:Economists
709:Schumacher
614:Schumpeter
584:von Wieser
504:von Thünen
465:economists
441:Statistics
436:Solidarity
357:Managerial
322:Humanistic
317:Historical
262:Ecological
227:Behavioral
121:Mainstream
6615:Economics
6550:Stockholm
6425:Keynesian
6390:Cracovian
6339:(20th and
6328:Socialist
6311:Mutualism
6254:Ricardian
6249:Classical
5883:Economica
5635:v. 2 (1).
5580:cite book
5247:Aristotle
5224:Routledge
4839:. In his
4837:use value
4825:Karl Marx
4809:Criticism
4711:In 1915,
4596:classical
4535:, and by
4306:DiLorenzo
3955:In 1854,
3772:Aristotle
3754:June 2008
3497:pecuniary
3144:≠
3014:−
2883:≠
2814:convexity
2769:∂
2755:∂
2664:tautology
2607:Δ
2599:Δ
2589:≈
2580:∂
2572:∂
2514:Δ
2506:Δ
2490:→
2484:Δ
2393:Δ
2385:Δ
2236:−
2208:Δ
2170:to state
2124:essential
1997:endowment
1966:and gave
1932:economics
1857:Third Way
1847:Privatism
1807:Inclusive
1792:Dirigisme
1586:von Mises
1473:Illiberal
1453:Corporate
1448:Community
1395:Feudalism
1305:Keynesian
1295:Classical
1138:Corporate
950:Austerity
754:Greenspan
719:Samuelson
699:Galbraith
669:Tinbergen
609:von Mises
604:Heckscher
564:Edgeworth
382:Personnel
342:Knowledge
307:Happiness
297:Financial
267:Education
242:Democracy
136:Political
102:Heterodox
45:Economics
6640:Degrowth
6575:Virginia
6415:Freiburg
6410:Feminist
6363:Carnegie
6353:Buddhist
6321:Lausanne
6276:Georgism
6239:Austrian
6061:(1962),
5962:Archived
5832:(1914).
5810:(1904).
5758:K. Knies
5748:(1896).
5730:(1994).
5704:(2005).
5505:Archived
5435:Archived
5411:Archived
5391:Archived
5251:Politics
4940:See also
4785:(1926),
4416:Rothbard
4411:Peterson
4371:Lachmann
4356:Hülsmann
4321:Haberler
4316:Garrison
4016:Part of
3941:(1836),
3929:(1837),
3872:(1832):
3838:scarcity
3777:Politics
3716:totality
3714:or of a
3708:marginal
3647:Marshall
2851:discrete
2844:marginal
2731:change.
2680:scarcity
2433:(where "
2051:ordering
2013:change.
2011:marginal
2005:marginal
1974:theory.
1684:Cronyism
1596:Rothbard
1571:Marshall
1556:Friedman
1488:Merchant
1443:Consumer
1438:Advanced
1273:Austrian
1268:American
1195:National
1190:Monopoly
1143:Dirigist
1045:Investor
955:Business
944:Concepts
928:a series
926:Part of
847:journals
833:Glossary
784:Stiglitz
749:Rothbard
729:Buchanan
714:Friedman
704:Koopmans
694:Leontief
674:Robinson
559:Marshall
463:Notable
411:Regional
387:Planning
362:Monetary
292:Feminist
237:Cultural
232:Business
37:a series
35:Part of
6593:Related
6380:Chicago
6094:(1995).
6081:(1973).
6012:Capital
6000:(1954).
5987:(1944).
5972:(1931).
5903:(1912).
5684:(1930).
5519:(1871).
5360:(1832).
5334:(1983).
5170:(1933).
5141:(1881).
5123:(1968).
5080:(1972).
5064:(1950).
4910:Marxian
4893:motives
4848:demand.
4841:Capital
4779:et alii
4750:Revival
4688:Eclipse
4555:and by
4543:and by
4431:Skousen
4426:Salerno
4386:Machlup
4366:Kirzner
4351:Horwitz
4331:Hazlitt
4301:Boettke
4091:Origins
3834:utility
3726:History
3672:Markets
3580:scholar
3253:, then
2838:is the
2729:ordinal
2101:utility
2049:and an
1964:utility
1960:British
1812:Liberal
1772:Anarcho
1709:History
1541:Malthus
1536:Ricardo
1498:Rentier
1483:Marxist
1463:Finance
1374:Origins
1342:Marxist
1290:Chicago
1250:Welfare
1210:Private
1165:Liberal
985:Company
970:Capital
853:Schools
845: (
804:Piketty
799:Krugman
664:Kuznets
654:Kalecki
629:Polanyi
519:Cournot
514:Bastiat
499:Ricardo
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4336:Heydel
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3638:Supply
3626:Demand
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1993:margin
1989:border
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1606:Veblen
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1576:Pareto
1566:Keynes
1468:Global
1235:Social
1205:Nordic
1175:Market
1085:Profit
789:Thaler
769:Ostrom
764:Becker
759:Sowell
739:Baumol
644:Myrdal
639:Sraffa
634:Frisch
624:Knight
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589:Veblen
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649:Hayek
599:Pigou
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484:Smith
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112:Micro
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