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Topic: Marginalists

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Marginal theory of value

Labor theory of value

Classical economics

Libertarian perspectives on natural resources

Marginal utility

Commodity fetishism

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	Introduction
		Marginalist economists emphasized that prices also depend upon the level of demand, which in turn depends upon the amount of consumer satisfaction provided by individual goods and services.
		Marginalists provided modern macroeconomics with the basic analytic tools of demand and supply, consumer utility, and a mathematical framework for using those tools.
		Marginalists also showed that in a free market economy, the factors of production -- land, labor, and capital -- receive returns equal to their contributions to production.
	www.frbsf.org /publications/education/greateconomists/grtschls.html (1415 words)

	[No title] (Site not responding. Last check: )
		The marginalists opposed all three "solutions." They theorized with seemingly Olympian impartiality and concluded that, although the value and distribution theories of the classical economists were inaccurate, their policy views were correct.
		The approach employed by the marginalists had its roots in Jeremy Bentham, in that they assumed the dominant drive of human action is to seek utility and avoid disutility (negative utility).
		The methodological controversies that the marginalists aroused resulted in a separation of objective and verifiable principles that are based on stated assumptions from those principles that depend on value judgments and philosophical outlook.
	www.suu.edu /faculty/bowman/Econ3790/BrueMarginalists.htm (1676 words)

	Inframarginal economics: an outsider's view. - HighBeam Encyclopedia
		Results from the marginalist version of the simple Yang model (together with those from the original model) are given in Figures 3(a) to (d), and the underlying mathematics is in Section A2 of the Appendix.
		To a large extent, the marginalist results in Figures 3(a) to (d) are smoothed versions of the corresponding results from the original model.
		The fact that the DS index in the marginalist model is not at its maximum value when all agents are specialised (t = 0) raises serious doubts concerning its applicability as a measure of the division of labour.
	www.encyclopedia.com /doc/1G1-145528609.html (5843 words)

	Marginal vs inframarginal analysis and the theory of distribution vs the development of a theory of economic ... (Site not responding. Last check: )
		Marking the birth of neoclassical economics, it pioneered the notion that optimising economic decisions are made "on the margin"; a view that continues to prevail as the backbone of mainstream economic theory.
		However, as argued by Buchanan and Yoon (1999), Marshall's decision to avoid an endogenisation of the pattern of economic organisation, on the basis of his assumption that greater division of labour leads to increasing returns to scale, was misguided.
		Recent research suggests that the Marginalists' decision to re-orient the preoccupations of the discipline of economics from matters of economic organisation to the issue of distribution was misguided.
	www.encyclopedia.com /doc/1G1-145528602.html (4688 words)

	Neoclassical Economics, by E. Roy Weintraub: The Concise Encyclopedia of Economics: Library of Economics and Liberty
		It is important to recognize that a number of the early Marginalists, economists like William Stanley Jevons and F. Edgeworth in England, Leon Walras in Lausanne, and Irving Fisher in the United States, wanted to legitimize economics among the scholarly disciplines.
		Whether this linkage was planned by the early Marginalists, or rather was a feature of the public success of science itself, is less important than the implications of that linkage.
		For once neoclassical economics was associated with scientific economics, to challenge the neoclassical approach was to seem to challenge science and progress and modernity.
	www.econlib.org /library/Enc/NeoclassicalEconomics.html (1542 words)

	The marginalist theory by Ernest Mandel
		Eclectic political economy failed, however, to give complete faction either to scholars who continued to try to answer the question which previous generations had bequeathed to them or to the bourgeoisie itself, which found itself constantly exposed to the risk that.
		The marginalist theory of value and the neo-classical school based upon it dominated bourgeois economic thought for three-quarters of a century.
		Their objective function was, no doubt, purely apologetic — to justify the capitalist order as more or less inevitable; to justify wages, prices and profits as the result of exchanges carried out on an equal footing.
	www.marxists.org /archive/mandel/works/marxist-economic-theory/marginalists.htm (1845 words)

	THE ANGLO-AMERICAN MARGINALISM
		By "Anglo-American marginalists" we are referring to early English and American writers between the 1870s and the 1930s who strayed from the Marshallian and Institutionalist schools which were then dominant in the UK and the US respectively.
		Many of those on this list could thus be deemed "followers" of W.S. Jevons in that they adopted the "mathematical" method of reasoning and/or the radical "subjectivism" inherent in Jevons's revolutionary marginalism - thus bringing them closer to the "Continental" traditions of the Lausanne and Austrian schools than any of their homegrown varieties.
		Early proponent of marginalist theory, Taylor was also involved in the Socialist Calculation debate, holding a position that would be later taken up by Oskar Lange and Abba Lerner.
	cepa.newschool.edu /het/schools/engmath.htm (768 words)

	SAUSSURE AND VYGOTSKY VIA MARX GENEVIEVE VAUGHAN Rome
		This author suggests that the distinction diachrony/synchrony and that of langue/parole are directly comparable to similar distinctions made by the marginalists in the economic field.
		The static state of the market and the static state of the langue are both ideal constructions made to allow the investigation of the laws of "mutual dependence" among economic or linguistic phenomena.
		It is interesting that the marginalist economist Walras uses the conception of numerary.
	www.gift-economy.com /articlesAndEssays/saussureAndVygotsky.html (10638 words)

	[No title]
		But some of the marginalists and their predecessors did not lose sight of the special role of land in economic theory and in the economy.
		Many scholars have taken for granted that for the marginalist, land is simply a form of capital.
		He was not the first to see it, but was the first one to express it as a central moral and economic concept, doing so with pristine clarity and impeccable logic to the public.
	www.foldvary.net /works/marginal.html (8160 words)

	Society for the Development of Austrian Economics Member's Publication Abstract - Horwitz - Austrian Marginalists (Site not responding. Last check: )
		Focusing primarily on Menger, it provides a detailed explication of the distinct marginalism of the Austrians, focusing on their subjectivism, while also noting the ways in which their contributions differed from those of Jevons and Walras.
		The distinction between process and equilibrium, and the differing assumptions about knowledge made by the various marginalist revolutionaries, are also highlighted.
		In its discussion of Bohm-Bawerk and Wieser, the chapter acknowledges their important contributions to the advance of the marginalist perspective while also arguing that those contributions represented a movement away from the unique subjectivist insights found in Menger.
	it.stlawu.edu /sdae/pubs/horwitz/marginalists.htm (186 words)

	[No title] (Site not responding. Last check: )
		On the question of value, these marginalists have parted company with Adam Smith and Ricardo who knew that it was central to scientific economic study to understand what it is that determines value.
		There is no doubt that that the more shallow focus of the marginalists, the invisible hand, which serves as their basis for economic theory, is valid, especially on a micro level.
		We might abandon the superstitious nonsense that the theft of the value that is produced by labour as an indispensable ingredient to economic success.
	www.indybay.org /newsitems/2005/05/25/17407601_content.html (868 words)

	Introduction to Chicago School
		John Stuart Mill broke tradition with the classicists, arguing that the market may be efficient at allocating resources, but not at determining wages, and that society might have to intervene to correct it.
		Marginalism: Undoubtedly the most famous of the marginalists was Alfred Marshall, who published the "bible" of economics, Principles of Economics, in 1890.
		Marginalists also sought to justify the existing inequality of wealth and wages, by arguing that the market returned exactly what was contributed to production.
	www.huppi.com /kangaroo/L-chiintro.htm (2034 words)

	[No title] (Site not responding. Last check: )
		He was an affiliate of the Historical School of political economists, which viewed economic problems as part of a social whole, whereas marginalists tended to treat economics as a set of equations dealing with the margins of the economy.
		The marginalist account of prices was in terms of what happened when a given level of demand, based upon a certain set of consumer choices, encountered a given pattern of supply, based on an existing set of techniques and existing land, labour and capital resources.
		Since the marginalist assumption is that problems only arise when some people insist on trying to get more for their goods than some people are willing to pay, (than the 'marginal utility' of the goods), it also follows that labour should demand more than the market will pay, more than its marginal utility.
	members.lycos.co.uk /richards138/resume.html (6016 words)

	The Neoclassicals: Introdution
		The Marginalist Revolution refers to the establishment of what has been since called Neoclassical approach to economic theory.
		Despite the name, the essence of the Marginalist Revolution was not really the mathematical concept of the "margin", but rather in the building up of a theory of value which was based on the phenomenon of exchange rather than production and distribution.
		The essence of Marginalist Revolution, then, was the novel idea that the "natural value" of a good is determined only by its subjective scarcity, i.e.
	cepa.newschool.edu /het/essays/margrev/ncintro.htm (1366 words)

	Development II
		Then the neo-classical marginalist (counter)revolution of the 1870s subtracted both distributional equity and economic development to leave only allocational efficiency in economics.
		Another result was renewed colonialism and the drain of resources and capital from South to North (while marginalists deleted development from the economists' menu).
		Marginalist microeconomists preferred to sit it out on a side track, while the world economic development was passing by on the main track.
	www.reorient.net /html/development_ii.html (10483 words)

	Glossary of Terms: Ec
		The marginalist application of mathematics to the decisions made by individuals rested on the concept of people weighing up the cost benefits of incremental changes in price of working hours.
		Following the Wall Street Crash in October 1929 and the Great Depression, John Maynard Keynes’ critique of the marginalists, particularly in respect to the validity of the concept of marginal utility with respect to the determination of wages and the exclusion of government spending from the calculation of demand, Keynesian economics became the new dogma.
		Keynesianism represented a partial retreat from the market-fundamentalist pseudo-science which has plunged the world into the horrors of war and depression.
	marxists.org /glossary/terms/e/c.htm (878 words)

	abstract 14
		The paper deals with the reception of Daniel Bernoulli's 1738 memoir by the marginalist economists.
		The marginalists, instead, focused only on the specific (logarithmic) hy-pothesis on the shape of the utility function, which Bernoulli adopted simply as an operational device.
		Analysing the works of authors such as Pantaleoni, Pareto, Jevons and Marshall, it is possible to argue that the misunderstanding was probably originated by the unfaithfulness to the original text of the indirect sources (Laplace, Todhunter) available to the marginalists.
	www.unimc.it /hei/Abst.15.htm (798 words)

	New Light on the Prehistory of the Austrian School - Mises Institute
		First, in contrast to Jevons and Walras, who believed that economic laws are hypotheses dealing with social quantities, Carl Menger and his followers held that economics investigates, not the quantities of phenomena, but the underlying essences of such real entities as value, profit, and the other economic categories.
		In attempting to explain the Austrian choice among all the marginalists for philosophical realism and social ontology, Kauder pointed to the late nineteenth-century influences on the Austrian intellectual climate of Aristotle, Thomas Aquinas, and other schools of realistic philosophy.
		Most influential was Aristotle, who was studied carefully down to the middle of the nineteenth century, and who was often taught in the secondary schools in Austria.
	www.mises.org /story/2357 (6638 words)

	Origin of the Idea (Site not responding. Last check: )
		While formal marginal analysis started with Ricardo and other classical economists, it exploded with the marginalist school of economic thought and economists such as William Stanley Jevons, Carl Menger, Friedrich von Wieser, and Eugen von Bohm-Bawerk.
		While Ricardo focused on marginal returns in production, these marginalists focused on utility, attempting to explain how the marginal utility of a good related to its quantity, value, and price.
		Later marginalists, specifically Francis Edgeworth and John Bates Clark, directed their analysis to issues of production and distribution.
	www.mhhe.com /cgi-bin/mcbrue15.pl?url=origin1-3 (605 words)

	marginalism (Site not responding. Last check: )
		This means that a marginalist will do his/her work with as little effort as possible but still being able to finish the job.
		Simply put, if everyone did their work with a 100% effort and produced excellent work everytime, then their work wouldn't be excellent anymore, by virtue of relativity.
		Reality calls for some people to go to the top, and others to fall, and the marginalists, to stay where they are contentedly in the middle.
	www.angelfire.com /ma/festercheng/marginalism.html (143 words)

	The Encaisse Desiree of Leon Walras
		It is in this respect that Keynes (1936) rightly referred to all pre-Keynesian theorists as the "classicals" - for in breaking the Quantity Theory he was attacking a theory cherished by theorists long before the Neoclassical revolution.
		Thus, pre-1871 Classical theorists and the Marginalists who followed were both objects of Keynes's critique.
		Now, choice theory is perfectly capable of determining the intertemporal allocation decision which will establish the amount of income that is consumed today and saved for tomorrow.
	cruel.org /econthought/essays/money/encaisse.html (2813 words)

	Glossary of Terms: Ec
		The marginalist application of mathematics to the decisions made by individuals rested on the concept of people weighing up the cost benefits of incremental changes in price of working hours.
		Following the Wall Street Crash in October 1929 and the Great Depression, John Maynard Keynes’ critique of the marginalists, particularly in respect to the validity of the concept of marginal utility with respect to the determination of wages and the exclusion of government spending from the calculation of demand, Keynesian economics became the new dogma.
		Keynesianism represented a partial retreat from the market-fundamentalist pseudo-science which has plunged the world into the horrors of war and depression.
	www.marxists.org /glossary/terms/e/c.htm (878 words)

	C. The Marginalists versus Ricardo
		Although subsequent marginalist criticisms of Ricardo were more thorough, Jevons fired the opening salvo quite dramatically.
		He explicitly formulated his utility-based theory of value in opposition to the labor theory.
		And as we pointed out above, regardless of the degree of elasticity, so long as supply can eventually be adapted to demand, the equilibrium price will approximate the cost of production.
	www.mutualist.org /id50.html (2832 words)

	LIBRERIAS MARCIAL PONS: Detalle del libro: Adam's fallacy a guide to economic theology
		This book could be called "The Intelligent Person's Guide to Economics." Like Robert Heilbroner's "The Worldly Philosophers", it attempts to explain the core ideas of the great economists, beginning with Adam Smith and ending with Joseph Schumpeter.
		In between are chapters on Thomas Malthus, David Ricardo, Karl Marx, the marginalists, John Maynard Keynes, Friedrich Hayek and Thorstein Veblen.
		The title expresses Duncan Foley's belief that economics at its most abstract and interesting level is a speculative philosophical discourse, not a deductive or inductive science.
	www.marcialpons.es /fichalibro.php?id=100778315 (231 words)

	John Maurice Clark Biography \| Encyclopedia of World Biography
		Clark's works, while primarily theoretical in content, were almost always directed toward clarifying and solving practical economic issues.
		He skillfully built his own analytical treatises upon the logic underlying the rigorously formulated models of others, first the marginalists and later Edward H. Chamberlin and Joan Robinson.
		In contrast with the methodology of these scholars, and of the younger mathematical economists who rose to prominence during the latter part of his professional life, Clark's methodology relied on the written word rather than geometric and algebraic formulations.
	www.bookrags.com /biography/john-maurice-clark (453 words)

	[No title] (Site not responding. Last check: )
		I think they are different notions in Marxian social science.
		> Are >marginalists more like Malthus than Ricardo (I think so) and does that >mean that we should deal with them differently than Sraffians (I think so).
		I think marginalists have developed their legacy with more freedom and power than us (the 'others' in all the different fashions).
	ricardo.ecn.wfu.edu /cgi-bin/textify.cgi?HTML=9603/0159.html (333 words)

	Origin of the Idea
		Classical economists, such as Adam Smith and David Ricardo, articulated many of the concepts related to supply.
		A later group of economists, the Marginalists, developed and articulated fundamental principles of demand.
		Marshall was the first to combine them formally and truly unleash their analytical power.
	www.mhhe.com /economics/mcconnell15e/student/olc/chap03origin.mhtml (1580 words)

	THE MAKING OF ECONOMICS: An Introduction to the History of Economic Thought by Sa'idu Sulaiman - (Book) in Business & ...
		The book begins with discussions on the nature, methodology and the importance of the History of Economic Thought.
		It then examines contributions made to Economics by a selection of economists from the mercantilists, physiocrats, classical economists and the marginalists.
		The Keynesian revolution led by John Maynard Keynes was given a special attention.
	www.lulu.com /browse/book_view.php?fCID=172730&fBuyItem=5 (295 words)

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