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The Marginalist Revolution: An event, a process or a myth?
https://doi.org/10.32609/0042-8736-2022-11-5-23
Abstract
The Marginalist Revolution, which is traditionally associated with the date 1871 and the names of Leon Walras, William Stanley Jevons, Karl Menger, is interpreted as a complex and lengthy process, that ended around the mid-twentieth century. Its origins can be traced to three relatively independent trends that existed long before the 1870s: in the field of value theory — a tendency to view utility as a basis of value, in the field of methodology — a trend towards the adoption of deductive method, in the field of analytical tools — a trend towards the application of mathematics in economics. The achievements of these authors, which in a sense can be regarded as a “point of intersection” (“overlap”) of the above-mentioned tendencies, were not properly appreciated by contemporaries, were not considered as revolutionary and for quite a long time remained on the periphery of economic research, became a bridge to the future economic science.
Keywords
marginalist revolution,
value theory,
marginal utility,
mathematization of economics,
Léon Walras,
William Stanley Jevons,
Carl Menger
JEL: B10, B12, B13, B41
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For citations:
Makasheva N.A. The Marginalist Revolution: An event, a process or a myth? Voprosy Ekonomiki. 2022;(11):5-23. (In Russ.) https://doi.org/10.32609/0042-8736-2022-11-5-23
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