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id="toc-Main_concepts-sublist" class="vector-toc-list"> <li id="toc-Marginality" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marginality"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Marginality</span> </div> </a> <ul id="toc-Marginality-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marginal_use" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marginal_use"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Marginal use</span> </div> </a> <ul id="toc-Marginal_use-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marginal_utility" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marginal_utility"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Marginal utility</span> </div> </a> <ul id="toc-Marginal_utility-sublist" class="vector-toc-list"> <li id="toc-Quantified_marginal_utility" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Quantified_marginal_utility"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3.1</span> <span>Quantified marginal utility</span> </div> </a> <ul id="toc-Quantified_marginal_utility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Law_of_diminishing_marginal_utility" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Law_of_diminishing_marginal_utility"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3.2</span> <span>Law of diminishing marginal utility</span> </div> </a> <ul id="toc-Law_of_diminishing_marginal_utility-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Marginal_rate_of_substitution" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marginal_rate_of_substitution"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Marginal rate of substitution</span> </div> </a> <ul id="toc-Marginal_rate_of_substitution-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marginal_cost" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marginal_cost"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Marginal cost</span> </div> </a> <ul id="toc-Marginal_cost-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Application_to_price_theory" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Application_to_price_theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Application to price theory</span> </div> </a> <button aria-controls="toc-Application_to_price_theory-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Application to price theory subsection</span> </button> <ul id="toc-Application_to_price_theory-sublist" class="vector-toc-list"> <li id="toc-Demand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Demand"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Demand</span> </div> </a> <ul id="toc-Demand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Supply" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Supply"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Supply</span> </div> </a> <ul id="toc-Supply-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Markets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Markets"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Markets</span> </div> </a> <ul id="toc-Markets-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Paradox_of_water_and_diamonds" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Paradox_of_water_and_diamonds"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Paradox of water and diamonds</span> </div> </a> <ul id="toc-Paradox_of_water_and_diamonds-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>History</span> </div> </a> <button aria-controls="toc-History-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle History subsection</span> </button> <ul id="toc-History-sublist" class="vector-toc-list"> <li id="toc-Proto-marginalist_approaches" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Proto-marginalist_approaches"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Proto-marginalist approaches</span> </div> </a> <ul id="toc-Proto-marginalist_approaches-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marginalists_before_the_Revolution" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marginalists_before_the_Revolution"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Marginalists before the Revolution</span> </div> </a> <ul id="toc-Marginalists_before_the_Revolution-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marginal_Revolution" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marginal_Revolution"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Marginal Revolution</span> </div> </a> <ul id="toc-Marginal_Revolution-sublist" class="vector-toc-list"> <li id="toc-Second_generation" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Second_generation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.1</span> <span>Second generation</span> </div> </a> <ul id="toc-Second_generation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marginal_Revolution_as_a_response_to_socialism" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Marginal_Revolution_as_a_response_to_socialism"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.2</span> <span>Marginal Revolution as a response to socialism</span> </div> </a> <ul id="toc-Marginal_Revolution_as_a_response_to_socialism-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Eclipse" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Eclipse"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Eclipse</span> </div> </a> <ul id="toc-Eclipse-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Revival" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Revival"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Revival</span> </div> </a> <ul id="toc-Revival-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Criticism</span> </div> </a> <button aria-controls="toc-Criticism-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Criticism subsection</span> </button> <ul id="toc-Criticism-sublist" class="vector-toc-list"> <li id="toc-Marxist_criticism_of_marginalism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marxist_criticism_of_marginalism"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Marxist criticism of marginalism</span> </div> </a> <ul id="toc-Marxist_criticism_of_marginalism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marxist_adaptations_to_marginalism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marxist_adaptations_to_marginalism"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Marxist adaptations to marginalism</span> </div> </a> <ul id="toc-Marxist_adaptations_to_marginalism-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Marginalism</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 29 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-29" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">29 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%86%D8%B8%D8%B1%D9%8A%D8%A9_%D8%AD%D8%AF%D9%8A%D8%A9" title="نظرية حدية – Arabic" lang="ar" hreflang="ar" data-title="نظرية حدية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Marjinalizm" title="Marjinalizm – Azerbaijani" lang="az" hreflang="az" data-title="Marjinalizm" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9C%D0%B0%D1%80%D0%B3%D0%B8%D0%BD%D0%B0%D0%BB%D0%B8%D0%B7%D1%8A%D0%BC" title="Маргинализъм – Bulgarian" lang="bg" hreflang="bg" data-title="Маргинализъм" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Marginalismus" title="Marginalismus – Czech" lang="cs" hreflang="cs" data-title="Marginalismus" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Grenznutzenschule" title="Grenznutzenschule – German" lang="de" hreflang="de" data-title="Grenznutzenschule" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Marginalism" title="Marginalism – Estonian" lang="et" hreflang="et" data-title="Marginalism" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Marginalismo" title="Marginalismo – Spanish" lang="es" hreflang="es" data-title="Marginalismo" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Marjinalismo" title="Marjinalismo – Basque" lang="eu" hreflang="eu" data-title="Marjinalismo" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%86%D9%87%D8%A7%DB%8C%DB%8C%E2%80%8C%DA%AF%D8%B1%D8%A7%DB%8C%DB%8C" title="نهایی‌گرایی – Persian" lang="fa" hreflang="fa" data-title="نهایی‌گرایی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Marginalisme" title="Marginalisme – French" lang="fr" hreflang="fr" data-title="Marginalisme" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%95%9C%EA%B3%84%EC%A3%BC%EC%9D%98" title="한계주의 – Korean" lang="ko" hreflang="ko" data-title="한계주의" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%84%D5%A1%D6%80%D5%AA%D5%AB%D5%B6%D5%A1%D5%AC%D5%AB%D5%A6%D5%B4" title="Մարժինալիզմ – Armenian" lang="hy" hreflang="hy" data-title="Մարժինալիզմ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Marginalismo" title="Marginalismo – Italian" lang="it" hreflang="it" data-title="Marginalismo" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%94%D7%9E%D7%94%D7%A4%D7%9B%D7%94_%D7%94%D7%A9%D7%95%D7%9C%D7%99%D7%AA" title="המהפכה השולית – Hebrew" lang="he" hreflang="he" data-title="המהפכה השולית" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%9C%D0%B0%D1%80%D0%B6%D0%B8%D0%BD%D0%B0%D0%BB%D0%B8%D0%B7%D0%BC" title="Маржинализм – Kazakh" lang="kk" hreflang="kk" data-title="Маржинализм" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%9C%D0%B0%D1%80%D0%B6%D0%B8%D0%BD%D0%B0%D0%BB%D0%B8%D0%B7%D0%BC" title="Маржинализм – Kyrgyz" lang="ky" hreflang="ky" data-title="Маржинализм" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Grensnutschool" title="Grensnutschool – Dutch" lang="nl" hreflang="nl" data-title="Grensnutschool" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E9%99%90%E7%95%8C%E5%8A%B9%E7%94%A8%E7%90%86%E8%AB%96" title="限界効用理論 – Japanese" lang="ja" hreflang="ja" data-title="限界効用理論" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-ce mw-list-item"><a href="https://ce.wikipedia.org/wiki/%D0%9C%D0%B0%D1%80%D0%B6%D0%B8%D0%BD%D0%B0%D0%BB%D0%B8%D0%B7%D0%BC" title="Маржинализм – Chechen" lang="ce" hreflang="ce" data-title="Маржинализм" data-language-autonym="Нохчийн" data-language-local-name="Chechen" class="interlanguage-link-target"><span>Нохчийн</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Marjinalizm" title="Marjinalizm – Uzbek" lang="uz" hreflang="uz" data-title="Marjinalizm" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Prawo_malej%C4%85cej_u%C5%BCyteczno%C5%9Bci_kra%C5%84cowej" title="Prawo malejącej użyteczności krańcowej – Polish" lang="pl" hreflang="pl" data-title="Prawo malejącej użyteczności krańcowej" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Revolu%C3%A7%C3%A3o_marginalista" title="Revolução marginalista – Portuguese" lang="pt" hreflang="pt" data-title="Revolução marginalista" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Marginalism" title="Marginalism – Romanian" lang="ro" hreflang="ro" data-title="Marginalism" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9C%D0%B0%D1%80%D0%B6%D0%B8%D0%BD%D0%B0%D0%BB%D0%B8%D0%B7%D0%BC" title="Маржинализм – Russian" lang="ru" hreflang="ru" data-title="Маржинализм" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Marginalizmus" title="Marginalizmus – Slovak" lang="sk" hreflang="sk" data-title="Marginalizmus" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Marginalismi" title="Marginalismi – Finnish" lang="fi" hreflang="fi" data-title="Marginalismi" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Marginalnytteteorin" title="Marginalnytteteorin – Swedish" lang="sv" hreflang="sv" 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href="mw-data:TemplateStyles:r1066933788"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, 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style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar 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nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Capitalism" title="Category:Capitalism">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="padding:0.2em;"><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Austerity" title="Austerity">Austerity</a></li> <li><a href="/wiki/Business" title="Business">Business</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Businessperson" title="Businessperson">Businessperson</a></li> <li><a href="/wiki/Capital_(economics)" title="Capital (economics)">Capital</a></li> <li><a href="/wiki/Capital_accumulation" title="Capital accumulation">Capital accumulation</a></li> <li><a href="/wiki/Capital_market" title="Capital market">Capital markets</a></li> <li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competitive markets</a></li> <li><a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">Economic interventionism</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Economic surplus</a></li> <li><a href="/wiki/Entrepreneurship" title="Entrepreneurship">Entrepreneurship</a></li> <li><a href="/wiki/Fictitious_capital" title="Fictitious capital">Fictitious capital</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Free_price_system" title="Free price system">Free price system</a></li> <li><a href="/wiki/Free_market" title="Free market">Free market</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Invisible_hand" title="Invisible hand">Invisible hand</a></li> <li><a href="/wiki/Visible_hand_(economics)" title="Visible hand (economics)">Visible hand</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a class="mw-selflink selflink">Marginalism</a></li> <li><a href="/wiki/Money" title="Money">Money</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Rent_seeking" class="mw-redirect" title="Rent seeking">Rent seeking</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a></li> <li><a href="/wiki/Surplus_value" title="Surplus value">Surplus value</a></li> <li><a href="/wiki/Value_(economics)" title="Value (economics)">Value</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic systems</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anglo-Saxon_capitalism" class="mw-redirect" title="Anglo-Saxon capitalism">Anglo-Saxon</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Free_market#General_principles" title="Free market">Free-market</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><i><a href="/wiki/Laissez-faire_capitalism" class="mw-redirect" title="Laissez-faire capitalism">Laissez-faire</a></i></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Market_capitalism" class="mw-redirect" title="Market capitalism">Market</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Mixed_capitalism" class="mw-redirect" title="Mixed capitalism">Mixed</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">Monopoly</a></li> <li><a href="/wiki/National_capitalism" class="mw-redirect" title="National capitalism">National</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Nordic_capitalism" class="mw-redirect" title="Nordic capitalism">Nordic</a></li> <li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Private</a></li> <li><a href="/wiki/Raw_capitalism" class="mw-redirect" title="Raw capitalism">Raw</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Regulatory_capitalism" title="Regulatory capitalism">Regulatory</a></li> <li><a href="/wiki/Rhine_capitalism" class="mw-redirect" title="Rhine capitalism">Rhine</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/State-sponsored_capitalism" class="mw-redirect" title="State-sponsored capitalism">State-sponsored</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic theories</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">MMT</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a></li></ul></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarist</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Origins</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Age_of_Enlightenment" title="Age of Enlightenment">Age of Enlightenment</a></li> <li><a href="/wiki/Capitalism_and_Islam" title="Capitalism and Islam">Capitalism and Islam</a></li> <li><a href="/wiki/Commercial_Revolution" class="mw-redirect" title="Commercial Revolution">Commercial Revolution</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a 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title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Crony_capitalism" title="Crony capitalism">Crony</a></li> <li><a href="/wiki/Finance_capitalism" title="Finance capitalism">Finance</a></li> <li><a href="/wiki/Global_capitalism" class="mw-redirect" title="Global capitalism">Global</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Illiberal</a></li> <li><a href="/wiki/Late_capitalism" title="Late capitalism">Late</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Marxist</a></li> <li><a href="/wiki/Merchant_capitalism" title="Merchant capitalism">Merchant</a></li> <li><a href="/wiki/Progressive_capitalism" title="Progressive capitalism">Progressive</a></li> <li><a href="/wiki/Rentier_capitalism" title="Rentier capitalism">Rentier</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">State monopoly</a></li> <li><a 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Weaver">Weaver</a></li> <li><a href="/wiki/Max_Weber" title="Max Weber">Weber</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Coase</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Capitalist_propaganda" title="Capitalist propaganda">Capitalist propaganda</a></li> <li><a href="/wiki/Capitalist_realism" title="Capitalist realism">Capitalist realism</a></li> <li><a href="/wiki/Capitalist_state" title="Capitalist state">Capitalist state</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a 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economy">Market economy</a></li> <li><a href="/wiki/Periodizations_of_capitalism" title="Periodizations of capitalism">Periodizations of capitalism</a></li> <li><a href="/wiki/Perspectives_on_capitalism" class="mw-redirect" title="Perspectives on capitalism">Perspectives on capitalism</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalism</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li> <li><a href="/wiki/Venture_philanthropy" title="Venture philanthropy">Venture philanthropy</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Ideologies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Anarcho</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Classical_liberalism" title="Classical liberalism">Classical liberalism</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigisme</a></li> <li><a href="/wiki/Eco-capitalism" title="Eco-capitalism">Eco</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><a href="/wiki/Inclusive_capitalism" title="Inclusive capitalism">Inclusive</a></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Liberalism" title="Liberalism">Liberalism</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Neo-Capitalism" class="mw-redirect" title="Neo-Capitalism">Neo</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></li> <li><a href="/wiki/Objectivism" title="Objectivism">Objectivism</a></li> <li><a href="/wiki/Ordoliberalism" title="Ordoliberalism">Ordoliberalism</a></li> <li><a href="/wiki/Privatism" title="Privatism">Privatism</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Right-libertarianism</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Capitalismlogo.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/16px-Capitalismlogo.svg.png" decoding="async" width="16" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/24px-Capitalismlogo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/32px-Capitalismlogo.svg.png 2x" data-file-width="959" data-file-height="912" /></a></span> </span><a href="/wiki/Portal:Capitalism" title="Portal:Capitalism">Capitalism portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Capitalism_sidebar" title="Template:Capitalism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Capitalism_sidebar" title="Template talk:Capitalism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Capitalism_sidebar" title="Special:EditPage/Template:Capitalism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Marginalism</b> is a theory of <a href="/wiki/Economics" title="Economics">economics</a> 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. Thus, while the water has greater total utility, the diamond has greater <a href="/wiki/Marginal_utility" title="Marginal utility">marginal utility</a>. </p><p>Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of <a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Alfred Marshall</a>, drew upon the idea of <a href="/wiki/Marginal_product" title="Marginal product">marginal physical productivity</a> in explanation of <a href="/wiki/Cost" title="Cost">cost</a>. The <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical</a> tradition that emerged from <a href="/wiki/United_Kingdom_of_Great_Britain_and_Ireland" title="United Kingdom of Great Britain and Ireland">British</a> marginalism abandoned the concept of <a href="/wiki/Utility" title="Utility">utility</a> and gave <a href="/wiki/Marginal_rate_of_substitution" title="Marginal rate of substitution">marginal rates of substitution</a> a more fundamental role in analysis.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (February 2012)">citation needed</span></a></i>]</sup> Marginalism is an integral part of <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economic</a> theory. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Main_concepts">Main concepts</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=1" title="Edit section: Main concepts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Marginality">Marginality</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=2" title="Edit section: Marginality"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>For issues of marginality, constraints are conceptualized as a <i>border</i> or <i>margin</i>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The location of the margin for any individual corresponds to his or her <i>endowment</i>, 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. </p><p>A value that holds true given particular constraints is a <a href="/wiki/Marginal_value" title="Marginal value"><i>marginal</i> value</a>. A change that would be affected as or by a specific loosening or tightening of those constraints is a <i>marginal</i> change. </p><p>Neoclassical economics usually assumes that marginal changes are <a href="/wiki/Infinitesimal" title="Infinitesimal">infinitesimals</a> or <a href="/wiki/Limit_(mathematics)" title="Limit (mathematics)">limits</a>. 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. </p> <div class="mw-heading mw-heading3"><h3 id="Marginal_use">Marginal use</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=3" title="Edit section: Marginal use"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Marginal_use" title="Marginal use">Marginal use</a></div> <p>The marginal use of a <a href="/wiki/Good_(economics)" class="mw-redirect" title="Good (economics)">good or service</a> 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.<sup id="cite_ref-wieser_ein_2-0" class="reference"><a href="#cite_note-wieser_ein-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Marginalism assumes, for any given agent, <a href="/wiki/Rational_choice_theory" class="mw-redirect" title="Rational choice theory">economic rationality</a> and an <a href="/wiki/Order_theory" title="Order theory">ordering</a> 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. <a href="/wiki/Positivism" title="Positivism">Descriptive</a> 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; <a href="/wiki/Normative_economics" class="mw-redirect" title="Normative economics">prescriptive</a> marginalism asserts that such choice <i>ought</i> to be so governed. </p><p>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.<sup id="cite_ref-wieser_ein_2-1" class="reference"><a href="#cite_note-wieser_ein-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Marginal_utility">Marginal utility</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=4" title="Edit section: Marginal utility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Marginal_utility" title="Marginal utility">Marginal utility</a></div> <p>The marginal utility of a good or service is the utility of its <a href="/wiki/Marginal_use" title="Marginal use">marginal use</a>. Under the assumption of economic rationality, it is the utility of its least urgent possible use <i>from</i> the best feasible combination of actions in which its use is included. </p><p>In 20th century <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economics</a>, the term "<a href="/wiki/Utility" title="Utility">utility</a>" has come to be formally defined as a <i><a href="/wiki/Measure_(mathematics)" title="Measure (mathematics)">quantification</a></i> 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 <i>use</i> or <i>usefulness</i>, and this conception is at the heart of marginalism; the term "marginal utility" arose from translation of the German "Grenznutzen",<sup id="cite_ref-wieser_ein_2-2" class="reference"><a href="#cite_note-wieser_ein-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-wieser_zwei_3-0" class="reference"><a href="#cite_note-wieser_zwei-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> which literally means <i>border use</i>, referring directly to the marginal use, and the more general formulations of marginal utility do not treat quantification as an <i>essential</i> feature.<sup id="cite_ref-mc_culloch_4-0" class="reference"><a href="#cite_note-mc_culloch-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> On the other hand, none of the early marginalists insisted that utility were <i>not</i> quantified,<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> 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. </p> <div class="mw-heading mw-heading4"><h4 id="Quantified_marginal_utility">Quantified marginal utility</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=5" title="Edit section: Quantified marginal utility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Under the <a href="/wiki/Special_case" title="Special case">special case</a> in which usefulness can be quantified, the change in utility of moving from state <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle S_{1}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle S_{1}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/5bf84e7fd4fb8259a9b37f956afdf83ee2a020f9" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:2.479ex; height:2.509ex;" alt="{\displaystyle S_{1}}"></span> to state <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle S_{2}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle S_{2}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/1143e284d5f25cef778ab482edf6617a523ddd9f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:2.479ex; height:2.509ex;" alt="{\displaystyle S_{2}}"></span> is </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \Delta U=U(S_{2})-U(S_{1})\,}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi mathvariant="normal">Δ</mi> <mi>U</mi> <mo>=</mo> <mi>U</mi> <mo stretchy="false">(</mo> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msub> <mo stretchy="false">)</mo> <mo>−</mo> <mi>U</mi> <mo stretchy="false">(</mo> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> <mo stretchy="false">)</mo> <mspace width="thinmathspace" /> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \Delta U=U(S_{2})-U(S_{1})\,}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/fb6475bc57f8a4f02cabfa4e3731d559e3f3e0a8" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:22.186ex; height:2.843ex;" alt="{\displaystyle \Delta U=U(S_{2})-U(S_{1})\,}"></span></dd></dl> <p>Moreover, if <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle S_{1}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle S_{1}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/5bf84e7fd4fb8259a9b37f956afdf83ee2a020f9" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:2.479ex; height:2.509ex;" alt="{\displaystyle S_{1}}"></span> and <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle S_{2}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle S_{2}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/1143e284d5f25cef778ab482edf6617a523ddd9f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:2.479ex; height:2.509ex;" alt="{\displaystyle S_{2}}"></span> are distinguishable by values of just one variable <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle g\,}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>g</mi> <mspace width="thinmathspace" /> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle g\,}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/ecc456e58b207759836214cb501a1aa1af3be5bd" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:1.503ex; height:2.009ex;" alt="{\displaystyle g\,}"></span> which is itself quantified, then it becomes possible to speak of the ratio of the marginal utility of the change in <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle g\,}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>g</mi> <mspace width="thinmathspace" /> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle g\,}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/ecc456e58b207759836214cb501a1aa1af3be5bd" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:1.503ex; height:2.009ex;" alt="{\displaystyle g\,}"></span> to the size of that change: </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mrow> <mo fence="true" stretchy="true" symmetric="true"></mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi mathvariant="normal">Δ</mi> <mi>U</mi> </mrow> <mrow> <mi mathvariant="normal">Δ</mi> <mi>g</mi> </mrow> </mfrac> </mrow> <mo>|</mo> </mrow> <mrow class="MJX-TeXAtom-ORD"> <mi>c</mi> <mo>.</mo> <mi>p</mi> <mo>.</mo> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/da0a50d886aaad6e21c8e5e3b882b3ff8862ef60" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.838ex; width:7.887ex; height:6.509ex;" alt="{\displaystyle \left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}"></span></dd></dl> <p>(where "<a href="/wiki/Ceteris_paribus" title="Ceteris paribus">c.p.</a>" indicates that the <i>only</i> <a href="/wiki/Dependent_and_independent_variables" title="Dependent and independent variables">independent variable</a> to change is <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle g\,}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>g</mi> <mspace width="thinmathspace" /> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle g\,}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/ecc456e58b207759836214cb501a1aa1af3be5bd" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:1.503ex; height:2.009ex;" alt="{\displaystyle g\,}"></span>). </p><p>Mainstream neoclassical economics will typically assume that </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \lim _{\Delta g\to 0}{\left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <munder> <mo movablelimits="true" form="prefix">lim</mo> <mrow class="MJX-TeXAtom-ORD"> <mi mathvariant="normal">Δ</mi> <mi>g</mi> <mo stretchy="false">→</mo> <mn>0</mn> </mrow> </munder> <mrow class="MJX-TeXAtom-ORD"> <msub> <mrow> <mo fence="true" stretchy="true" symmetric="true"></mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi mathvariant="normal">Δ</mi> <mi>U</mi> </mrow> <mrow> <mi mathvariant="normal">Δ</mi> <mi>g</mi> </mrow> </mfrac> </mrow> <mo>|</mo> </mrow> <mrow class="MJX-TeXAtom-ORD"> <mi>c</mi> <mo>.</mo> <mi>p</mi> <mo>.</mo> </mrow> </msub> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \lim _{\Delta g\to 0}{\left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/efe593f85eb9243239c2d735221672a36916ff2e" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.838ex; width:12.898ex; height:6.509ex;" alt="{\displaystyle \lim _{\Delta g\to 0}{\left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}}"></span></dd></dl> <p>is well defined, and use "marginal utility" to refer to a <a href="/wiki/Partial_derivative" title="Partial derivative">partial derivative</a> </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\frac {\partial U}{\partial g}}\approx \left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi mathvariant="normal">∂</mi> <mi>U</mi> </mrow> <mrow> <mi mathvariant="normal">∂</mi> <mi>g</mi> </mrow> </mfrac> </mrow> <mo>≈</mo> <msub> <mrow> <mo fence="true" stretchy="true" symmetric="true"></mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi mathvariant="normal">Δ</mi> <mi>U</mi> </mrow> <mrow> <mi mathvariant="normal">Δ</mi> <mi>g</mi> </mrow> </mfrac> </mrow> <mo>|</mo> </mrow> <mrow class="MJX-TeXAtom-ORD"> <mi>c</mi> <mo>.</mo> <mi>p</mi> <mo>.</mo> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\frac {\partial U}{\partial g}}\approx \left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/e17637078d394a7fb4656384701a66db67d1ec69" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.838ex; width:14.923ex; height:6.509ex;" alt="{\displaystyle {\frac {\partial U}{\partial g}}\approx \left.{\frac {\Delta U}{\Delta g}}\right|_{c.p.}}"></span></dd></dl> <div class="mw-heading mw-heading4"><h4 id="Law_of_diminishing_marginal_utility">Law of diminishing marginal utility</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=6" title="Edit section: Law of diminishing marginal utility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The law of diminishing marginal utility, also known as a <a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a>'s First Law, is that <i><a href="/wiki/Ceteris_paribus" title="Ceteris paribus">ceteris paribus</a></i>, 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 <a href="/wiki/Tautology_(logic)" title="Tautology (logic)">tautology</a>, sometimes as something proven by introspection, or sometimes as a mere <a href="/wiki/Instrumentalism" title="Instrumentalism">instrumental</a> 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. </p><p>An individual will typically be able to <a href="/wiki/Partially_ordered_set" title="Partially ordered set">partially order</a> the potential uses of a good or service. If there is <a href="/wiki/Scarcity" title="Scarcity">scarcity</a>, then a rational agent will satisfy wants of highest possible priority, so that no want is avoidably sacrificed to satisfy a want of <i>lower</i> 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: </p> <dl><dd>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 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.<sup id="cite_ref-bawerk_capital_7-0" class="reference"><a href="#cite_note-bawerk_capital-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></dd></dl> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Marginal-utility.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Marginal-utility.png/220px-Marginal-utility.png" decoding="async" width="220" height="154" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Marginal-utility.png/330px-Marginal-utility.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Marginal-utility.png/440px-Marginal-utility.png 2x" data-file-width="768" data-file-height="538" /></a><figcaption>Diminishing marginal utility, given quantification</figcaption></figure> <p>However, if there <i>is</i> 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 <i>increasing</i>. </p><p>Without the presumption that utility is quantified, the <i>diminishing</i> of utility should not be taken to be itself an <a href="/wiki/Elementary_arithmetic" title="Elementary arithmetic">arithmetic</a> <a href="/wiki/Subtraction" title="Subtraction">subtraction</a>. It is the movement from use of higher to lower priority, and may be no more than a purely <a href="/wiki/Ranking" title="Ranking">ordinal</a> change.<sup id="cite_ref-mc_culloch_4-1" class="reference"><a href="#cite_note-mc_culloch-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-georgescu-rogen_8-0" class="reference"><a href="#cite_note-georgescu-rogen-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>When quantification of utility is assumed, diminishing marginal utility corresponds to a utility function whose <i><a href="/wiki/Slope" title="Slope">slope</a></i> is continually or continuously decreasing. In the latter case, if the function is also smooth, then the law may be expressed as </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\frac {\partial ^{2}U}{\partial g^{2}}}<0}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <msup> <mi mathvariant="normal">∂</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msup> <mi>U</mi> </mrow> <mrow> <mi mathvariant="normal">∂</mi> <msup> <mi>g</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msup> </mrow> </mfrac> </mrow> <mo><</mo> <mn>0</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\frac {\partial ^{2}U}{\partial g^{2}}}<0}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/8c06b3763348dfc6c325c42b6b10e4e8f71718cf" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.505ex; width:9.277ex; height:6.343ex;" alt="{\displaystyle {\frac {\partial ^{2}U}{\partial g^{2}}}<0}"></span></dd></dl> <p>Neoclassical economics usually supplements or supplants discussion of marginal utility with <a href="/wiki/Indifference_curve" title="Indifference curve">indifference curves</a>, which were originally derived as the <a href="/wiki/Level_curve" class="mw-redirect" title="Level curve">level curves</a> of utility functions,<sup id="cite_ref-edgeworth_9-0" class="reference"><a href="#cite_note-edgeworth-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> or can be produced without presumption of quantification,<sup id="cite_ref-mc_culloch_4-2" class="reference"><a href="#cite_note-mc_culloch-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> but are often simply treated as axiomatic. In the absence of complementarity of goods or services, diminishing marginal utility implies <a href="/wiki/Convex_function" title="Convex function">convexity</a> of indifference curves,<sup id="cite_ref-mc_culloch_4-3" class="reference"><a href="#cite_note-mc_culloch-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-edgeworth_9-1" class="reference"><a href="#cite_note-edgeworth-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> although such convexity would also follow from <a href="/wiki/Quasiconcavity" class="mw-redirect" title="Quasiconcavity">quasiconcavity</a> of the utility function. </p> <div class="mw-heading mw-heading3"><h3 id="Marginal_rate_of_substitution">Marginal rate of substitution</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=7" title="Edit section: Marginal rate of substitution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Marginal_rate_of_substitution" title="Marginal rate of substitution">Marginal rate of substitution</a></div> <p>The <i>rate of substitution</i> is the <i>least favorable</i> rate at which an agent is willing to exchange units of one good or service for units of another. The <i>marginal</i> rate of substitution (MRS) is the rate of substitution at the margin; in other words, given some constraint. </p><p>When goods and services are <a href="/wiki/Discrete_mathematics" title="Discrete mathematics">discrete</a>, 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: </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle MRS_{AB}\neq {\frac {1}{MRS_{BA}}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>M</mi> <mi>R</mi> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>A</mi> <mi>B</mi> </mrow> </msub> <mo>≠</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mn>1</mn> <mrow> <mi>M</mi> <mi>R</mi> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>B</mi> <mi>A</mi> </mrow> </msub> </mrow> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle MRS_{AB}\neq {\frac {1}{MRS_{BA}}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/76be477b6fed4150d89580cfa762c8f0a2414e02" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.338ex; width:20.621ex; height:5.676ex;" alt="{\displaystyle MRS_{AB}\neq {\frac {1}{MRS_{BA}}}}"></span></dd></dl> <p>When the goods and services are continuously divisible in the <a href="/wiki/Limiting_case_(mathematics)" title="Limiting case (mathematics)">limiting case</a> </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle MRS_{AB}={\frac {1}{MRS_{BA}}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>M</mi> <mi>R</mi> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>A</mi> <mi>B</mi> </mrow> </msub> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mn>1</mn> <mrow> <mi>M</mi> <mi>R</mi> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>B</mi> <mi>A</mi> </mrow> </msub> </mrow> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle MRS_{AB}={\frac {1}{MRS_{BA}}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/956f28bbcdf61c39232c2b6a0cffbe70d6699a11" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.338ex; width:20.621ex; height:5.676ex;" alt="{\displaystyle MRS_{AB}={\frac {1}{MRS_{BA}}}}"></span></dd></dl> <p>and the marginal rate of substitution is the slope of the <a href="/wiki/Indifference_curve" title="Indifference curve">indifference curve</a> (multiplied by <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle -1}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mo>−</mo> <mn>1</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle -1}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/704fb0427140d054dd267925495e78164fee9aac" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.505ex; width:2.971ex; height:2.343ex;" alt="{\displaystyle -1}"></span>). </p><p>If, for example, Lisa will not trade a goat for anything less than two sheep, then her </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle MRS_{SG}={\frac {2{\text{ sheep}}}{\text{goat}}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>M</mi> <mi>R</mi> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>S</mi> <mi>G</mi> </mrow> </msub> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mn>2</mn> <mrow class="MJX-TeXAtom-ORD"> <mtext> sheep</mtext> </mrow> </mrow> <mtext>goat</mtext> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle MRS_{SG}={\frac {2{\text{ sheep}}}{\text{goat}}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/bd7d4fffa92dccd39b17b45ec48d975cc9a07d41" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.338ex; width:19.459ex; height:5.843ex;" alt="{\displaystyle MRS_{SG}={\frac {2{\text{ sheep}}}{\text{goat}}}}"></span></dd></dl> <p>If she will not trade a sheep for anything less than two goats, then her </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\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}}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>M</mi> <mi>R</mi> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>G</mi> <mi>S</mi> </mrow> </msub> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mn>2</mn> <mrow class="MJX-TeXAtom-ORD"> <mtext> goat</mtext> </mrow> </mrow> <mtext>sheep</mtext> </mfrac> </mrow> <mo>≠</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mn>1</mn> <mrow class="MJX-TeXAtom-ORD"> <mtext> goat</mtext> </mrow> </mrow> <mrow> <mn>2</mn> <mrow class="MJX-TeXAtom-ORD"> <mtext> sheep</mtext> </mrow> </mrow> </mfrac> </mrow> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mn>1</mn> <mrow> <mo>(</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mn>2</mn> <mrow class="MJX-TeXAtom-ORD"> <mtext> sheep</mtext> </mrow> </mrow> <mtext>goat</mtext> </mfrac> </mrow> <mo>)</mo> </mrow> </mfrac> </mrow> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mn>1</mn> <mrow> <mi>M</mi> <mi>R</mi> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>S</mi> <mi>G</mi> </mrow> </msub> </mrow> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\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}}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/c6b5515115d0d4c706a628fe44577e15649b2a30" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -4.505ex; width:54.563ex; height:8.009ex;" alt="{\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}}}}"></span></dd></dl> <p>However, if she would trade one gram of banana for one ounce of ice cream <i>and vice versa</i>, then </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\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}}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>M</mi> <mi>R</mi> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>I</mi> <mi>B</mi> </mrow> </msub> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mn>1</mn> <mrow class="MJX-TeXAtom-ORD"> <mtext> oz ice cream</mtext> </mrow> </mrow> <mrow> <mn>1</mn> <mrow class="MJX-TeXAtom-ORD"> <mtext> g banana</mtext> </mrow> </mrow> </mfrac> </mrow> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mn>1</mn> <mrow> <mo>(</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mn>1</mn> <mrow class="MJX-TeXAtom-ORD"> <mtext> g banana</mtext> </mrow> </mrow> <mrow> <mn>1</mn> <mrow class="MJX-TeXAtom-ORD"> <mtext> oz ice cream</mtext> </mrow> </mrow> </mfrac> </mrow> <mo>)</mo> </mrow> </mfrac> </mrow> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mn>1</mn> <mrow> <mi>M</mi> <mi>R</mi> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>B</mi> <mi>I</mi> </mrow> </msub> </mrow> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\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}}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/b508102c587245df3d02250bd745b1c1140a4205" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -4.505ex; width:55.508ex; height:7.843ex;" alt="{\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}}}}"></span></dd></dl> <p>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 units of good or service <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle A}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>A</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle A}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/7daff47fa58cdfd29dc333def748ff5fa4c923e3" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.743ex; height:2.176ex;" alt="{\displaystyle A}"></span> in substitution for <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle B}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>B</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle B}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/47136aad860d145f75f3eed3022df827cee94d7a" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.764ex; height:2.176ex;" alt="{\displaystyle B}"></span> as one's holdings of <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle A}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>A</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle A}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/7daff47fa58cdfd29dc333def748ff5fa4c923e3" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.743ex; height:2.176ex;" alt="{\displaystyle A}"></span> grow relative to those of <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle B}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>B</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle B}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/47136aad860d145f75f3eed3022df827cee94d7a" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.764ex; height:2.176ex;" alt="{\displaystyle B}"></span>. 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.<sup id="cite_ref-mc_culloch_4-4" class="reference"><a href="#cite_note-mc_culloch-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> 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. </p> <div class="mw-heading mw-heading3"><h3 id="Marginal_cost">Marginal cost</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=8" title="Edit section: Marginal cost"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Marginal_cost" title="Marginal cost">Marginal cost</a></div> <p>At the highest level of generality, a marginal cost is a marginal <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity cost</a>. In most contexts, marginal cost refers to marginal <i><a href="/wiki/Money" title="Money">pecuniary</a></i> cost, that is to say marginal cost measured by forgone money. </p><p>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 in consequence of <a href="/wiki/Diminishing_returns" title="Diminishing returns">diminishing returns</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Application_to_price_theory">Application to price theory</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=9" title="Edit section: Application to price theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Marginalism" title="Special:EditPage/Marginalism">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Marginalism%22">"Marginalism"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Marginalism%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Marginalism%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Marginalism%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Marginalism%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Marginalism%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">October 2021</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>Marginalism and neoclassical economics typically explain price formation broadly through the interaction of <a href="/wiki/Supply_and_demand" title="Supply and demand">curves or schedules of supply and demand</a>. 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. </p> <div class="mw-heading mw-heading3"><h3 id="Demand">Demand</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=10" title="Edit section: Demand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Demand curves are explained by marginalism in terms of marginal rates of substitution. </p><p>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 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. </p> <div class="mw-heading mw-heading3"><h3 id="Supply">Supply</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=11" title="Edit section: Supply"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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. </p><p>Marginalists in the tradition of <a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a> 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 <a href="/wiki/Diminishing_returns" title="Diminishing returns">diminishing returns</a>. </p><p>A more thorough-going marginalism represents the supply curve as a <i>complementary demand curve</i> – where the demand is <i>for</i> money and the purchase is made <i>with</i> a good or service.<sup id="cite_ref-schumMarshScis_10-0" class="reference"><a href="#cite_note-schumMarshScis-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The shape of that curve is then determined by marginal rates of substitution of money for that good or service. </p> <div class="mw-heading mw-heading3"><h3 id="Markets">Markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=12" title="Edit section: Markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>By confining themselves to limiting cases in which sellers or buyers are both "price takers" – so that demand functions ignore supply functions or <i>vice versa</i> – Marshallian marginalists and neoclassical economists produced tractable models of <a href="/wiki/Perfect_competition" title="Perfect competition">"pure" or "perfect" competition</a> and of various forms of <a href="/wiki/Imperfect_competition" title="Imperfect competition">"imperfect" competition</a>, which models are usually captured by relatively simple graphs. Other marginalists have sought to present what they thought of as more realistic explanations,<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> but this work has been relatively uninfluential on the mainstream of economic thought. </p> <div class="mw-heading mw-heading3"><h3 id="Paradox_of_water_and_diamonds">Paradox of water and diamonds</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=13" title="Edit section: Paradox of water and diamonds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Paradox_of_value" title="Paradox of value">Paradox of value</a></div> <p>The law of diminishing marginal utility is said to explain the paradox of water and diamonds, most commonly associated with <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> although it was recognized by earlier thinkers.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> 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 <i>marginal</i> usefulness of any given quantity that matters, rather than the usefulness of a <i>class</i> or of a <i>totality</i>. 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. </p><p>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 desire (with these marginal utilities being distinct for each potential trader), and prices thus develop constrained by these marginal utilities.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2021)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=14" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/30px-Wiki_letter_w_cropped.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 2x" data-file-width="44" data-file-height="31" /></a></span></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs expansion</b>. You can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Marginalism&action=edit&section=">adding to it</a>. <span class="date-container"><i>(<span class="date">June 2008</span>)</i></span></div></td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Proto-marginalist_approaches">Proto-marginalist approaches</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=15" title="Edit section: Proto-marginalist approaches"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div><p> Perhaps the essence of a notion of diminishing marginal utility can be found in <a href="/wiki/Aristotle" title="Aristotle">Aristotle</a>'s <a href="/wiki/Politics_(Aristotle)" title="Politics (Aristotle)"><i>Politics</i></a>, wherein he writes <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style></p><blockquote class="templatequote"><p>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<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>There has been marked disagreement about the development and role of marginal considerations in Aristotle's' value theory.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-kauder_17-0" class="reference"><a href="#cite_note-kauder-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-schumArist_19-0" class="reference"><a href="#cite_note-schumArist-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>A great variety of economists concluded that there was <i>some</i> sort of inter-relationship between utility and rarity that effected economic decisions, and in turn informed the determination of prices.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Eighteenth-century Italian <a href="/wiki/Mercantilism" title="Mercantilism">mercantilists</a>, such as <a href="/wiki/Antonio_Genovesi" title="Antonio Genovesi">Antonio Genovesi</a>, <a href="/wiki/Giammaria_Ortes" title="Giammaria Ortes">Giammaria Ortes</a>, <a href="/wiki/Pietro_Verri" title="Pietro Verri">Pietro Verri</a>, <a href="/wiki/Cesare_Beccaria" title="Cesare Beccaria">Cesare Beccaria</a>, and <a href="/wiki/Giovanni_Rinaldo" class="mw-redirect" title="Giovanni Rinaldo">Giovanni Rinaldo</a>, 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.<sup id="cite_ref-pribramItalMerc_22-0" class="reference"><a href="#cite_note-pribramItalMerc-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> In <i><a href="/wiki/Della_Moneta" title="Della Moneta">Della Moneta</a></i> (1751), Abbé <a href="/wiki/Ferdinando_Galiani" title="Ferdinando Galiani">Ferdinando Galiani</a>, a pupil of Genovesi, attempted to explain value as a ratio of two ratios, <i>utility</i> and <i>scarcity</i>, with the latter component ratio being the ratio of quantity to use. </p><p><a href="/wiki/Anne_Robert_Jacques_Turgot" title="Anne Robert Jacques Turgot">Anne Robert Jacques Turgot</a>, in <i>Réflexions sur la formation et la distribution de richesse</i> (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. </p><p>Like the Italian mercantilists, <a href="/wiki/%C3%89tienne_Bonnot_de_Condillac" title="Étienne Bonnot de Condillac">Étienne Bonnot de Condillac</a> saw value as determined by utility associated with the class to which the good belongs, and by estimated scarcity. In <i>De commerce et le gouvernement</i> (1776), Condillac emphasized that value is not based upon cost but that costs were paid because of value. </p><p> This last point was famously restated by the 19th-century proto-marginalist <a href="/wiki/Richard_Whately" title="Richard Whately">Richard Whately</a>, who wrote as follows in <i>Introductory Lectures on Political Economy</i> (1832): <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"></p><blockquote class="templatequote"><p>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.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Whately's student <a href="/wiki/Nassau_William_Senior" title="Nassau William Senior">Nassau William Senior</a> is noted below as an early marginalist. </p><p><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Frédéric Bastiat</a> in chapters V and XI of his <i>Economic Harmonies</i> (1850) also develops a theory of value as ratio between services that increment utility, rather than between total utility. </p> <div class="mw-heading mw-heading3"><h3 id="Marginalists_before_the_Revolution">Marginalists before the Revolution</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=16" title="Edit section: Marginalists before the Revolution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The first unambiguous published statement of any sort of theory of marginal utility was by <a href="/wiki/Daniel_Bernoulli" title="Daniel Bernoulli">Daniel Bernoulli</a>, in "Specimen theoriae novae de mensura sortis".<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> This paper appeared in 1738, but a draft had been written in 1731 or in 1732.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> In 1728, <a href="/wiki/Gabriel_Cramer" title="Gabriel Cramer">Gabriel Cramer</a> produced fundamentally the same theory in a private letter.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Each had sought to resolve the <a href="/wiki/St._Petersburg_paradox" title="St. Petersburg paradox">St. Petersburg paradox</a>, 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 <a href="/wiki/Natural_logarithm" title="Natural logarithm">natural logarithm</a> (Bernoulli) or <a href="/wiki/Square_root" title="Square root">square root</a> (Cramer) thereof. However, the more general implications of this hypothesis were not explicated, and the work fell into obscurity. </p><p>In "A Lecture on the Notion of Value as Distinguished Not Only from Utility, but also from Value in Exchange",<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> delivered in 1833 and included in <i>Lectures on Population, Value, Poor Laws and Rent</i> (1837), <a href="/wiki/William_Forster_Lloyd" title="William Forster Lloyd">William Forster Lloyd</a> 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 the same insight.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>In <i>An Outline of the Science of Political Economy</i> (1836), <a href="/wiki/Nassau_William_Senior" title="Nassau William Senior">Nassau William Senior</a> 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.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>In "De la mesure de l'utilité des travaux publics" (1844), <a href="/wiki/Jules_Dupuit" title="Jules Dupuit">Jules Dupuit</a> applied a conception of marginal utility to the problem of determining bridge tolls.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>In 1854, <a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Hermann Heinrich Gossen</a> published <i>Die Entwicklung der Gesetze des menschlichen Verkehrs und der daraus fließenden Regeln für menschliches Handeln</i>, 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. </p> <div class="mw-heading mw-heading3"><h3 id="Marginal_Revolution">Marginal Revolution</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=17" title="Edit section: Marginal Revolution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Marginalism as a formal theory can be attributed to the work of three economists, <a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a> in England, <a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a> in Austria, and <a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a> in Switzerland.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2012)">citation needed</span></a></i>]</sup> <a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">William Stanley Jevons</a> first proposed the theory in an article in 1862 and a book in 1871.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Similarly, <a href="/wiki/Carl_Menger" title="Carl Menger">Carl Menger</a> presented the theory in 1871.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> 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.<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Vagueness" title="Wikipedia:Vagueness"><span title="This information is too vague. (July 2012)">vague</span></a></i>]</sup><sup id="cite_ref-georgescu-rogen_8-1" class="reference"><a href="#cite_note-georgescu-rogen-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> <a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a> introduced the theory in <i>Éléments d'économie politique pure</i>, the first part of which was published in 1874. The American <a href="/wiki/John_Bates_Clark" title="John Bates Clark">John Bates Clark</a> is also associated with the origins of Marginalism, but did little to advance the theory.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2012)">citation needed</span></a></i>]</sup> 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 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.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> 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".<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> 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. </p> <div class="mw-heading mw-heading4"><h4 id="Second_generation">Second generation</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=18" title="Edit section: Second generation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks plainlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Austrian_School" title="Category:Austrian School">a series on</a> the</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Austrian_school" class="mw-redirect" title="Austrian school">Austrian school</a></th></tr><tr><td class="sidebar-image" style="padding: 0.4em 0 0.4em;"><span typeof="mw:File"><a href="/wiki/Austrian_school" title="Austrian school"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/An_Austrian_School_crest_-_Grey.png/100px-An_Austrian_School_crest_-_Grey.png" decoding="async" width="100" height="100" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/An_Austrian_School_crest_-_Grey.png/150px-An_Austrian_School_crest_-_Grey.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/56/An_Austrian_School_crest_-_Grey.png/200px-An_Austrian_School_crest_-_Grey.png 2x" data-file-width="595" data-file-height="595" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)">Principal works</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><i><a href="/wiki/Capital_and_Interest" title="Capital and Interest">Capital and Interest</a></i></li> <li><i><a href="/wiki/Human_Action" title="Human Action">Human Action</a></i></li> <li><i><a href="/wiki/Individualism_and_Economic_Order" title="Individualism and Economic Order">Individualism and Economic Order</a></i></li> <li><i><a href="/wiki/Man,_Economy,_and_State" title="Man, Economy, and State">Man, Economy, and State</a></i></li> <li><i><a href="/wiki/Principles_of_Economics_(Menger)" class="mw-redirect" title="Principles of Economics (Menger)">Principles of Economics</a></i></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)">Origins</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/School_of_Salamanca" title="School of Salamanca">School of Salamanca</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical economics</a></li> <li><a href="/wiki/French_liberal_school" title="French liberal school">French liberal school</a></li> <li><a href="/wiki/School_of_Brentano" title="School of Brentano">School of Brentano</a></li> <li><a href="/wiki/Methodenstreit" title="Methodenstreit">Methodenstreit</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)">Theories and ideologies</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Austrian_business_cycle_theory" title="Austrian business cycle theory">Austrian business cycle</a></li> <li><a href="/wiki/Catallactics" title="Catallactics">Catallactics</a></li> <li><a href="/wiki/Creative_destruction" title="Creative destruction">Creative destruction</a></li> <li><a href="/wiki/Economic_calculation_problem" title="Economic calculation problem">Economic calculation problem</a></li> <li><a href="/wiki/Austrian_school#Inflation" class="mw-redirect" title="Austrian school">View of inflation</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Right-libertarianism</a> <ul><li><a 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mw-collapsed"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)">Organizations, universities, and think tanks</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a></li> <li><a href="/wiki/University_of_Chicago" title="University of Chicago">University of Chicago</a></li> <li><a href="/wiki/George_Mason_University" title="George Mason University">George Mason University</a></li> <li><a href="/wiki/Foundation_for_Economic_Education" title="Foundation for Economic Education">Foundation for Economic Education</a></li> <li><a href="/wiki/The_Independent_Institute" class="mw-redirect" title="The Independent Institute">The Independent Institute</a></li> <li><a href="/wiki/Liberty_Fund" title="Liberty Fund">Liberty Fund</a></li> <li><a href="/wiki/Mises_Institute" title="Mises Institute">Mises Institute</a></li> <li><a href="/wiki/Mercatus_Center" title="Mercatus Center">Mercatus Center</a></li> <li><a href="/wiki/Property_and_Freedom_Society" title="Property and Freedom Society">Property and Freedom Society</a></li> <li><a href="/wiki/Reason_Foundation" title="Reason Foundation">Reason Foundation</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)"><a href="/wiki/List_of_Austrian-school_economists" title="List of Austrian-school economists">People</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">Böhm-Bawerk</a></li> <li><a href="/wiki/Walter_Block" title="Walter Block">Block</a></li> <li><a href="/wiki/Peter_Boettke" title="Peter Boettke">Boettke</a></li> <li><a href="/wiki/Thomas_DiLorenzo" title="Thomas DiLorenzo">DiLorenzo</a></li> <li><a href="/wiki/Frank_Fetter" title="Frank Fetter">Fetter</a></li> <li><a href="/wiki/Roger_Garrison" title="Roger Garrison">Garrison</a></li> <li><a href="/wiki/Gottfried_Haberler" title="Gottfried Haberler">Haberler</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Henry_Hazlitt" title="Henry Hazlitt">Hazlitt</a></li> <li><a href="/wiki/Adam_Heydel" title="Adam Heydel">Heydel</a></li> <li><a href="/wiki/Robert_Higgs" title="Robert Higgs">Higgs</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Steven_Horwitz" title="Steven Horwitz">Horwitz</a></li> <li><a href="/wiki/J%C3%B6rg_Guido_H%C3%BClsmann" title="Jörg Guido Hülsmann">Hülsmann</a></li> <li><a href="/wiki/Jes%C3%BAs_Huerta_de_Soto" title="Jesús Huerta de Soto">Huerta de Soto</a></li> <li><a href="/wiki/Israel_Kirzner" title="Israel Kirzner">Kirzner</a></li> <li><a href="/wiki/Ludwig_Lachmann" title="Ludwig Lachmann">Lachmann</a></li> <li><a href="/wiki/Don_Lavoie" title="Don Lavoie">Lavoie</a></li> <li><a href="/wiki/Peter_Leeson" title="Peter Leeson">Leeson</a></li> <li><a href="/wiki/Fritz_Machlup" title="Fritz Machlup">Machlup</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Mises</a></li> <li><a href="/wiki/Oskar_Morgenstern" title="Oskar Morgenstern">Morgenstern</a></li> <li><a href="/wiki/Robert_P._Murphy" title="Robert P. Murphy">Murphy</a></li> <li><a href="/wiki/William_H._Peterson" title="William H. Peterson">Peterson</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Joseph_T._Salerno" title="Joseph T. Salerno">Salerno</a></li> <li><a href="/wiki/Mark_Skousen" title="Mark Skousen">Skousen</a></li> <li><a href="/wiki/Richard_Ritter_von_Strigl" title="Richard Ritter von Strigl">Strigl</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">Wieser</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)">Variants and related topics</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Anarcho-capitalism</a></li> <li><a href="/wiki/Economic_freedom" title="Economic freedom">Economic freedom</a></li> <li><a href="/wiki/Perspectives_on_capitalism" class="mw-redirect" title="Perspectives on capitalism">Perspectives on capitalism</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below" style="font-weight:bold;"> <span class="nowrap"><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business_and_economics" class="mw-redirect" title="Portal:Business and economics">Business and economics portal</a></span></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Austrian_School_sidebar" title="Template:Austrian School sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Austrian_School_sidebar" title="Template talk:Austrian School sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Austrian_School_sidebar" title="Special:EditPage/Template:Austrian School sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>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 <a href="/wiki/Philip_Wicksteed" title="Philip Wicksteed">Philip Wicksteed</a>, by <a href="/wiki/William_Smart_(economist)" title="William Smart (economist)">William Smart</a>, and by <a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Alfred Marshall</a>; in Austria by <a href="/wiki/Eugen_B%C3%B6hm_von_Bawerk" class="mw-redirect" title="Eugen Böhm von Bawerk">Eugen Böhm von Bawerk</a> and by <a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">Friedrich von Wieser</a>; in Switzerland by <a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Vilfredo Pareto</a>; and in America by <a href="/wiki/Herbert_Joseph_Davenport" class="mw-redirect" title="Herbert Joseph Davenport">Herbert Joseph Davenport</a> and by <a href="/wiki/Frank_Fetter" title="Frank Fetter">Frank A. Fetter</a>. </p><p>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 Menger. Fetter referred to himself and Davenport as part of "the American Psychological School", named in imitation of the <a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian "Psychological School"</a>. 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.<sup id="cite_ref-salerno_37-0" class="reference"><a href="#cite_note-salerno-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>Böhm-Bawerk was perhaps the most able expositor of Menger's conception.<sup id="cite_ref-salerno_37-1" class="reference"><a href="#cite_note-salerno-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> 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 <a href="/wiki/Marginal_product" title="Marginal product">marginal productivity</a> of time and with <a href="/wiki/Time_preference" title="Time preference">time preference</a>.<sup id="cite_ref-bawerk_capital_7-1" class="reference"><a href="#cite_note-bawerk_capital-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> (This theory was adopted in full and then further developed by <a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a><sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> and with modifications including formal disregard for time-preference by Wicksell's American rival <a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a>.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup>) </p><p>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 <i>Principles of Economics</i>, 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 <a href="/wiki/Classical_economics" title="Classical economics">classical</a> 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.<sup id="cite_ref-schumMarshScis_10-1" class="reference"><a href="#cite_note-schumMarshScis-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Marginal_Revolution_as_a_response_to_socialism">Marginal Revolution as a response to socialism</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=19" title="Edit section: Marginal Revolution as a response to socialism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The doctrines of marginalism and the Marginal Revolution are often interpreted as a response to the rise of the worker's movement, <a href="/wiki/Marxian_economics" title="Marxian economics">Marxian economics</a> and the earlier <a href="/wiki/Ricardian_socialism" title="Ricardian socialism">(Ricardian) socialist</a> theories of the <a href="/wiki/Exploitation_of_labour" title="Exploitation of labour">exploitation of labour</a>. The first volume of <i><a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a></i> 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 workers' movement, that Gossen found (posthumous) recognition.<sup id="cite_ref-:0_41-0" class="reference"><a href="#cite_note-:0-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>Aside from the rise of Marxism, <a href="/wiki/Ernesto_Screpanti" title="Ernesto Screpanti">E. Screpanti</a> and <a href="/wiki/Stefano_Zamagni" title="Stefano Zamagni">S. Zamagni</a> point to a different 'external' reason for marginalism's success, which is its successful response to the <a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a> and the resurgence of <a href="/wiki/Class_conflict" title="Class conflict">class conflict</a> in all developed capitalist economies after the 1848–1870 period of social peace. Marginalism, Screpanti and Zamagni argue, offered a theory of the <a href="/wiki/Perfect_competition" title="Perfect competition">free market as perfect</a>, 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.<sup id="cite_ref-:0_41-1" class="reference"><a href="#cite_note-:0-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>Scholars have suggested that the success of the generation who followed the preceptors of the Revolution was their ability to formulate straightforward responses to <a href="/wiki/Marxist_economic_theory" class="mw-redirect" title="Marxist economic theory">Marxist economic theory</a>.<sup id="cite_ref-screpanti_42-0" class="reference"><a href="#cite_note-screpanti-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> The most famous of these was that of Böhm-Bawerk, "<span title="German-language text"><i lang="de">Zum Abschluss des Marxschen Systems</i></span>" (1896),<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> but the first was Wicksteed's "The Marxian Theory of Value. <i>Das Kapital</i>: A Criticism" (1884,<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> followed by "The Jevonian Criticism of Marx: A Rejoinder" in 1885).<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> The most famous early Marxist responses were <a href="/wiki/Rudolf_Hilferding" title="Rudolf Hilferding">Rudolf Hilferding</a>'s <span title="German-language text"><i lang="de">Böhm-Bawerks Marx-Kritik</i></span> (1904)<sup id="cite_ref-hilferding_46-0" class="reference"><a href="#cite_note-hilferding-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> and <i>The Economic Theory of the Leisure Class</i> (1914) by <a href="/wiki/Nikolai_Bukharin" title="Nikolai Bukharin">Nikolai Bukharin</a>.<sup id="cite_ref-bukharin_47-0" class="reference"><a href="#cite_note-bukharin-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Eclipse">Eclipse</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=20" title="Edit section: Eclipse"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In his 1881 work <i>Mathematical Psychics</i>,<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Francis Ysidro Edgeworth</a> presented the <a href="/wiki/Indifference_curve" title="Indifference curve">indifference curve</a>, 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 <i>given</i>, without bothering with notions of utility. </p><p>In 1915, <a href="/wiki/Eugen_Slutsky" title="Eugen Slutsky">Eugen Slutsky</a> derived a theory of <a href="/wiki/Consumer_choice" title="Consumer choice">consumer choice</a> solely from properties of indifference curves.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> Because of <a href="/wiki/World_War_I" title="World War I">the World War</a>, the <a href="/wiki/October_Revolution" title="October Revolution">Bolshevik Revolution</a>, and his own subsequent loss of interest, Slutsky's work drew almost no notice, but similar work in 1934 by <a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a> and <a href="/wiki/R._G._D._Allen" title="R. G. D. Allen">R. G. D. Allen</a><sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> derived much the same results and found a significant audience. Allen subsequently drew attention to Slutsky's earlier accomplishment. </p><p>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,<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> most economists presumed that utility must be a sort of quantity. Indifference curve analysis seemed to represent a way of dispensing with presumptions of quantification, albeit that a seemingly arbitrary assumption (admitted by Hicks to be a "rabbit out of a hat")<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> about decreasing marginal rates of substitution<sup id="cite_ref-hicks_vc_53-0" class="reference"><a href="#cite_note-hicks_vc-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> would then have to be introduced to have convexity of indifference curves. </p><p>For those who accepted that marginal utility analysis had been superseded by indifference curve analysis, the former became at best somewhat analogous to the <a href="/wiki/Bohr_model" title="Bohr model">Bohr model of the atom</a>—perhaps pedagogically useful, but "old fashioned" and ultimately incorrect.<sup id="cite_ref-hicks_vc_53-1" class="reference"><a href="#cite_note-hicks_vc-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-samuelson_54-0" class="reference"><a href="#cite_note-samuelson-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Revival">Revival</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=21" title="Edit section: Revival"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When Cramer and Bernoulli introduced the notion of diminishing marginal utility, it had been to address <a href="/wiki/St._Petersburg_paradox" title="St. Petersburg paradox">a paradox of gambling</a>, rather than the <a href="/wiki/Paradox_of_value" title="Paradox of value">paradox of value</a>. The marginalists of the revolution, however, had been formally concerned with problems in which there was neither <a href="/wiki/Risk" title="Risk">risk</a> nor <a href="/wiki/Uncertainty" title="Uncertainty">uncertainty</a>. So too with the indifference curve analysis of Slutsky, Hicks, and Allen. </p><p>The <a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">expected utility hypothesis</a> of Bernoulli <i>et alii</i> was revived by various 20th century thinkers, including <a href="/wiki/Frank_P._Ramsey" class="mw-redirect" title="Frank P. Ramsey">Frank Ramsey</a> (1926),<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> <a href="/wiki/John_von_Neumann" title="John von Neumann">John von Neumann</a> and <a href="/wiki/Oskar_Morgenstern" title="Oskar Morgenstern">Oskar Morgenstern</a> (1944),<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Leonard_Jimmie_Savage" title="Leonard Jimmie Savage">Leonard Savage</a> (1954).<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> 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 <a href="/wiki/Occam%27s_razor" title="Occam's razor">Ockhamistic argument</a>.<sup id="cite_ref-samuelson_54-1" class="reference"><a href="#cite_note-samuelson-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> It should perhaps be noted that in expected utility analysis the law of diminishing marginal utility corresponds to what is called <a href="/wiki/Risk_aversion" title="Risk aversion">risk aversion</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Criticism">Criticism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=22" title="Edit section: Criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Marxist_criticism_of_marginalism">Marxist criticism of marginalism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=23" title="Edit section: Marxist criticism of marginalism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Marxist_economic_theory" class="mw-redirect" title="Marxist economic theory">Marxist economic theory</a></div> <p><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a> died before marginalism became the interpretation of economic value accepted by mainstream economics.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:No_original_research" title="Wikipedia:No original research"><span title="The material near this tag possibly contains original research. (October 2021)">original research?</span></a></i>]</sup> His theory was based on the <a href="/wiki/Labor_theory_of_value" title="Labor theory of value">labor theory of value</a>, which distinguishes between <a href="/wiki/Exchange_value" title="Exchange value">exchange value</a> and <a href="/wiki/Use_value" title="Use value">use value</a>. In his <i>Capital</i>, he rejected the explanation of long-term market values by supply and demand: </p> <dl><dd>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 demand.</dd> <dd>[...]</dd> <dd>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 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.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template noprint Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:No_original_research#Primary,_secondary_and_tertiary_sources" title="Wikipedia:No original research"><span title="This claim needs references to reliable secondary sources. (October 2021)">non-primary source needed</span></a></i>]</sup></dd></dl> <p>In his early response to marginalism, <a href="/wiki/Nikolai_Bukharin" title="Nikolai Bukharin">Nikolai Bukharin</a> argued that "the subjective evaluation from which price is to be derived really starts from this price",<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> concluding: </p> <dl><dd>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 <a href="/wiki/Logical_fallacy" class="mw-redirect" title="Logical fallacy">logical fallacy</a>, a fallacy that can serve only specious ends, and demonstrating in reality nothing more than the complete barrenness of modern bourgeois theory.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup></dd></dl> <p>Similarly a later Marxist critic, <a href="/wiki/Ernest_Mandel" title="Ernest Mandel">Ernest Mandel</a>, argued that marginalism was "divorced from reality", ignored the role of production, further arguing: </p> <dl><dd>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 evolution of economic life, the "marginal" technique provides at best an explanation of ephemeral, short-term variations.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup></dd></dl> <p><a href="/wiki/Maurice_Dobb" title="Maurice Dobb">Maurice Dobb</a> 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 income affects prices and consequently cannot explain prices.<sup id="cite_ref-dobb_62-0" class="reference"><a href="#cite_note-dobb-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources#What_information_to_include" title="Wikipedia:Citing sources"><span title="A complete citation is needed. (October 2021)">full citation needed</span></a></i>]</sup> </p><p>Dobb also criticized the <i>motives</i> 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 <a href="/wiki/Fundamental_theorems_of_welfare_economics" title="Fundamental theorems of welfare economics">Fundamental theorems of welfare economics</a>.) 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.<sup id="cite_ref-dobb_62-1" class="reference"><a href="#cite_note-dobb-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Marxist_adaptations_to_marginalism">Marxist adaptations to marginalism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=24" title="Edit section: Marxist adaptations to marginalism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Some economists strongly influenced by the <a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> tradition such as <a href="/wiki/Oskar_Lange" class="mw-redirect" title="Oskar Lange">Oskar Lange</a>, <a href="/wiki/W%C5%82odzimierz_Brus" title="Włodzimierz Brus">Włodzimierz Brus</a>, and <a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a> have attempted to integrate it with the insights of classical <a href="/wiki/Political_economy" title="Political economy">political economy</a>, marginalism, and <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economics</a>. 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 <a href="/wiki/Surplus_labor" class="mw-redirect" title="Surplus labor">surplus labor</a>.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=25" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1259569809">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/28px-Emblem-money.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/42px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/56px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span></span><span class="portalbox-link"><a href="/wiki/Portal:Economics" title="Portal:Economics">Economics portal</a></span></li></ul> <ul><li><a href="/wiki/Theory_of_value_(economics)" class="mw-redirect" title="Theory of value (economics)">Theory of value</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=26" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><a href="/wiki/Philip_Wicksteed" title="Philip Wicksteed">Wicksteed, Philip Henry</a>; <i>The Common Sense of Political Economy</i> (1910), Bk I Ch 2 and elsewhere.</span> </li> <li id="cite_note-wieser_ein-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-wieser_ein_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-wieser_ein_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-wieser_ein_2-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">von Wieser, Friedrich; <i>Über den Ursprung und die Hauptgesetze des wirtschaftlichen Wertes</i> [<i>The Nature and Essence of Theoretical Economics</i>] (1884), p. 128.</span> </li> <li id="cite_note-wieser_zwei-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-wieser_zwei_3-0">^</a></b></span> <span class="reference-text">von Wieser, Friedrich; <i>Der natürliche Werth</i> [<i>Natural Value</i>] (1889), Bk I Ch V "Marginal Utility" (<a rel="nofollow" class="external text" href="http://praxeology.net/FW-NV-I-5.htm">HTML</a>).</span> </li> <li id="cite_note-mc_culloch-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-mc_culloch_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-mc_culloch_4-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-mc_culloch_4-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-mc_culloch_4-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-mc_culloch_4-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text">Mc Culloch, James Huston; "The Austrian Theory of the Marginal Use and of Ordinal Marginal Utility", <i><a href="/wiki/Zeitschrift_f%C3%BCr_National%C3%B6konomie" class="mw-redirect" title="Zeitschrift für Nationalökonomie">Zeitschrift für Nationalökonomie</a></i> 37 (1973) #3&4 (September).</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><a href="/wiki/George_Stigler" title="George Stigler">Stigler, George Joseph</a>; "The Development of Utility Theory" <i><a href="/wiki/Journal_of_Political_Economy" title="Journal of Political Economy">Journal of Political Economy</a></i> (1950).</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><a href="/wiki/George_Stigler" title="George Stigler">Stigler, George Joseph</a>; "The Adoption of Marginal Utility Theory" <i>History of Political Economy</i> (1972).</span> </li> <li id="cite_note-bawerk_capital-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-bawerk_capital_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-bawerk_capital_7-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Böhm-Bawerk, Eugen Ritter von; <i>Kapital Und Kapitalizns. Zweite Abteilung: Positive Theorie des Kapitales</i> (1889). Translated as <i>Capital and Interest. II: Positive Theory of Capital</i> with appendices rendered as <i>Further Essays on Capital and Interest</i>.</span> </li> <li id="cite_note-georgescu-rogen-8"><span class="mw-cite-backlink">^ <a href="#cite_ref-georgescu-rogen_8-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-georgescu-rogen_8-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="/wiki/Nicholas_Georgescu-Roegen" title="Nicholas Georgescu-Roegen">Theodore-Angwenyi, Nicholas</a>; "Utility", <i>International Encyclopedia of the Social Sciences</i> (1968).</span> </li> <li id="cite_note-edgeworth-9"><span class="mw-cite-backlink">^ <a href="#cite_ref-edgeworth_9-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-edgeworth_9-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Edgeworth, Francis Ysidro; <a rel="nofollow" class="external text" href="http://socserv.mcmaster.ca/econ/ugcm/3ll3/edgeworth/mathpsychics.pdf"><i>Mathematical Psychics</i></a> (1881).</span> </li> <li id="cite_note-schumMarshScis-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-schumMarshScis_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-schumMarshScis_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Schumpeter, Joseph Alois; <i>History of Economic Analysis</i> (1954) Pt IV Ch 6 §4.</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">Mund, Vernon Arthur; <i>Monopoly: A History and Theory</i> (1933).</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><a href="/wiki/Mises,_Ludwig_Heinrich_Edler_von" class="mw-redirect" title="Mises, Ludwig Heinrich Edler von">Mises, Ludwig Heinrich Edler von</a>; <a rel="nofollow" class="external text" href="http://library.mises.org/books/Ludwig%20von%20Mises/Nationalokonomie%20Theorie%20des%20Handelns%20und%20Wirtschaftens.pdf"><i>Nationalökonomie: Theorie des Handelns und Wirtschaftens</i></a> (1940). (See also his <a rel="nofollow" class="external text" href="https://mises.org/books/humanaction.pdf"><i>Human Action</i>.</a>)</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">Smith, Adam; <i>An Inquiry into the Nature and Causes of the Wealth of Nations</i> (1776) Chapter IV. "Of the Origin and Use of Money".</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFGordon1991" class="citation book cs1">Gordon, Scott (1991). "The Scottish Enlightenment of the eighteenth century". <i>History and Philosophy of Social Science: An Introduction</i>. <a href="/wiki/Routledge" title="Routledge">Routledge</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-415-09670-7" title="Special:BookSources/0-415-09670-7"><bdi>0-415-09670-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=The+Scottish+Enlightenment+of+the+eighteenth+century&rft.btitle=History+and+Philosophy+of+Social+Science%3A+An+Introduction&rft.pub=Routledge&rft.date=1991&rft.isbn=0-415-09670-7&rft.aulast=Gordon&rft.aufirst=Scott&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarginalism" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><a href="/wiki/Aristotle" title="Aristotle">Aristotle</a>, <i>Politics</i>, Bk 7 Chapter 1.</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">Soudek, Josef; "Aristotle's Theory of Exchange: An Inquiry into the Origin of Economic Analysis", <i>Proceedings of the American Philosophical Society</i> v 96 (1952) pp. 45–75.</span> </li> <li id="cite_note-kauder-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-kauder_17-0">^</a></b></span> <span class="reference-text">Kauder, Emil; "Genesis of the Marginal Utility Theory from Aristotle to the End of the Eighteenth Century", <i>Economic Journal</i> v 63 (1953) pp. 638–50.</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text">Gordon, Barry Lewis John; "Aristotle and the Development of Value Theory", <i>Quarterly Journal of Economics</i> v 78 (1964).</span> </li> <li id="cite_note-schumArist-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-schumArist_19-0">^</a></b></span> <span class="reference-text">Schumpeter, Joseph Alois; <i>History of Economic Analysis</i> (1954) Part II Chapter 1 §3.</span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text">Meikle, Scott; <i>Aristotle's Economic Thought</i> (1995) Chapters 1, 2, & 6.</span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><a href="/wiki/Karl_P%C5%99ibram" title="Karl Přibram">Přibram, Karl</a>; <i>A History of Economic Reasoning</i> (1983).</span> </li> <li id="cite_note-pribramItalMerc-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-pribramItalMerc_22-0">^</a></b></span> <span class="reference-text">Pribram, Karl; <i>A History of Economic Reasoning</i> (1983), Chapter 5 "Refined Mercantilism", "Italian Mercantilists".</span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text">Whately, Richard; <i>Introductory Lectures on Political Economy, Being part of a course delivered in the Easter term</i> (1832).</span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text">Bernoulli, Daniel; "Specimen theoriae novae de mensura sortis" in <i>Commentarii Academiae Scientiarum Imperialis Petropolitanae</i> 5 (1738); reprinted in translation as "Exposition of a new theory on the measurement of risk" in <i>Econometrica</i> 22 (1954).</span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text">Bernoulli, Daniel; letter of 4 July 1731 to Nicolas Bernoulli (<a rel="nofollow" class="external text" href="http://www.cs.xu.edu/math/Sources/Montmort/stpetersburg.pdf#search=%22Nicolas%20Bernoulli%22">excerpted in PDF</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080909221757/http://www.cs.xu.edu/math/Sources/Montmort/stpetersburg.pdf">Archived</a> 9 September 2008 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>).</span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text">Bernoulli, Nicolas; letter of 5 April 1732, acknowledging receipt of "Specimen theoriae novae metiendi sortem pecuniariam" (<a rel="nofollow" class="external text" href="http://www.cs.xu.edu/math/Sources/Montmort/stpetersburg.pdf#search=%22Nicolas%20Bernoulli%22">excerpted in PDF</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080909221757/http://www.cs.xu.edu/math/Sources/Montmort/stpetersburg.pdf">Archived</a> 9 September 2008 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>).</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text">Cramer, Garbriel; letter of 21 May 1728 to <a href="/wiki/Nicolaus_I_Bernoulli" title="Nicolaus I Bernoulli">Nicolaus Bernoulli</a> (<a rel="nofollow" class="external text" href="http://www.cs.xu.edu/math/Sources/Montmort/stpetersburg.pdf#search=%22Nicolas%20Bernoulli%22">excerpted in PDF</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080909221757/http://www.cs.xu.edu/math/Sources/Montmort/stpetersburg.pdf">Archived</a> 9 September 2008 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>).</span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text">Finally some recognition that the guidance isn't clear.</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><a href="/wiki/Edwin_Robert_Anderson_Seligman" class="mw-redirect" title="Edwin Robert Anderson Seligman">Seligman, Edwin Robert Anderson</a>; "On some neglected British economists", <i>Economic Journal</i> v. 13 (September 1903).</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text">White, Michael V; "Diamonds Are Forever(?): Nassau Senior and Utility Theory" in <i>The Manchester School of Economic & Social Studies</i> 60 (1992) #1 (March).</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text">Dupuit, Jules; "De la mesure de l'utilité des travaux publics", <i>Annales des ponts et chaussées</i>, Second series, 8 (1844).</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/jevons/mathem.txt">“A General Mathematical Theory of Political Economy”</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20061215140931/http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/jevons/mathem.txt">Archived</a> 15 December 2006 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (<a rel="nofollow" class="external text" href="http://www.eco.utexas.edu/~hmcleave/jevonsmath.pdf">PDF</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged October 2022">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup>), <i>The Theory of Political Economy</i> (1871).</span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><i>Grundsätze der Volkswirtschaftslehre</i> (translated as <a rel="nofollow" class="external text" href="https://mises.org/document/595"><i>Principles of Economics</i> PDF</a>)</span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBackhouse2017" class="citation book cs1">Backhouse, Roger (17 August 2017). <a rel="nofollow" class="external text" href="https://link.springer.com/referenceworkentry/10.1007/978-1-349-58802-2_1023">"Marginal Revolution"</a>. <i>The New Palgrave Dictionary of Economics</i>. Palgrave Macmillan UK. pp. 3886–3888. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2F978-1-349-58802-2_1023">10.1007/978-1-349-58802-2_1023</a> (inactive 1 November 2024). <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781349588022" title="Special:BookSources/9781349588022"><bdi>9781349588022</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Marginal+Revolution&rft.btitle=The+New+Palgrave+Dictionary+of+Economics&rft.pages=3886-3888&rft.pub=Palgrave+Macmillan+UK&rft.date=2017-08-17&rft_id=info%3Adoi%2F10.1007%2F978-1-349-58802-2_1023&rft.isbn=9781349588022&rft.aulast=Backhouse&rft.aufirst=Roger&rft_id=https%3A%2F%2Flink.springer.com%2Freferenceworkentry%2F10.1007%2F978-1-349-58802-2_1023&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarginalism" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: DOI inactive as of November 2024 (<a href="/wiki/Category:CS1_maint:_DOI_inactive_as_of_November_2024" title="Category:CS1 maint: DOI inactive as of November 2024">link</a>)</span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDesai" class="citation book cs1">Desai, Meghnad. <i>Marx's Revenge: The Resurgence of Capitalism and the Death of Statist Socialism</i>. Verso Books.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Marx%27s+Revenge%3A+The+Resurgence+of+Capitalism+and+the+Death+of+Statist+Socialism&rft.pub=Verso+Books&rft.aulast=Desai&rft.aufirst=Meghnad&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarginalism" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSandmo" class="citation book cs1">Sandmo, Agnar. <i>Economics Evolving: A History of Economic Thought</i>. Princeton University Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics+Evolving%3A+A+History+of+Economic+Thought&rft.pub=Princeton+University+Press&rft.aulast=Sandmo&rft.aufirst=Agnar&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarginalism" class="Z3988"></span></span> </li> <li id="cite_note-salerno-37"><span class="mw-cite-backlink">^ <a href="#cite_ref-salerno_37-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-salerno_37-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Salerno, Joseph T. 1999; "The Place of Mises's Human Action in the Development of Modern Economic Thought". <i>Quarterly Journal of Economic Thought</i> v. 2 (1).</span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text">Böhm-Bawerk, Eugen Ritter von. "Grundzüge der Theorie des wirtschaftlichen Güterwerthes", <i>Jahrbüche für Nationalökonomie und Statistik</i> v 13 (1886). Translated as <i>Basic Principles of Economic Value</i>.</span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text">Wicksell, Johan Gustaf Knut; <i>Über Wert, Kapital unde Rente</i> (1893). Translated as <a rel="nofollow" class="external text" href="https://mises.org/books/valuecapital.pdf"><i>Value, Capital and Rent</i>.</a></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text">Fisher, Irving; <i>Theory of Interest</i> (1930).</span> </li> <li id="cite_note-:0-41"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_41-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_41-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFScrepantiZamagni2005" class="citation book cs1"><a href="/wiki/Ernesto_Screpanti" title="Ernesto Screpanti">Screpanti, Ernesto</a>; <a href="/wiki/Stefano_Zamagni" title="Stefano Zamagni">Zamagni, Stefano</a> (2005). <i>An Outline of the History of Economic Theory</i>. <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. pp. 170–173.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Outline+of+the+History+of+Economic+Theory&rft.pages=170-173&rft.pub=Oxford+University+Press&rft.date=2005&rft.aulast=Screpanti&rft.aufirst=Ernesto&rft.au=Zamagni%2C+Stefano&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarginalism" class="Z3988"></span></span> </li> <li id="cite_note-screpanti-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-screpanti_42-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFScrepantiZamagni1994" class="citation book cs1"><a href="/wiki/Ernesto_Screpanti" title="Ernesto Screpanti">Screpanti, Ernesto</a>; <a href="/wiki/Stefano_Zamagni" title="Stefano Zamagni">Zamagni, Stefano</a> (1994). <i>An Outline of the History of Economic Thought</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Outline+of+the+History+of+Economic+Thought&rft.date=1994&rft.aulast=Screpanti&rft.aufirst=Ernesto&rft.au=Zamagni%2C+Stefano&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarginalism" class="Z3988"></span></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBöhm-Bawerk1896" class="citation book cs1 cs1-prop-foreign-lang-source"><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">Böhm-Bawerk, Eugen Ritter von</a> (1896). <i>Zum Abschluss des Marxschen Systems</i> [<i>On the Closure of the Marxist System</i>] (in German). Staatswiss. Arbeiten. Festgabe für <a href="/wiki/Karl_Knies" title="Karl Knies">K. Knies</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Zum+Abschluss+des+Marxschen+Systems&rft.pub=Staatswiss.+Arbeiten.+Festgabe+f%C3%BCr+K.+Knies&rft.date=1896&rft.aulast=B%C3%B6hm-Bawerk&rft.aufirst=Eugen+Ritter+von&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarginalism" class="Z3988"></span></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWicksteed1884" class="citation magazine cs1"><a href="/wiki/Philip_Wicksteed" title="Philip Wicksteed">Wicksteed, Philip Henry</a> (1884). "Das Kapital: A Criticism". <i>To-day</i>. No. 2. pp. 388–409.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=To-day&rft.atitle=Das+Kapital%3A+A+Criticism&rft.issue=2&rft.pages=388-409&rft.date=1884&rft.aulast=Wicksteed&rft.aufirst=Philip+Henry&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarginalism" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWicksteed1885" class="citation magazine cs1"><a href="/wiki/Philip_Wicksteed" title="Philip Wicksteed">Wicksteed, Philip Henry</a> (1885). "The Jevonian criticism of Marx: a rejoinder". <i>To-day</i>. No. 3. pp. 177–179.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=To-day&rft.atitle=The+Jevonian+criticism+of+Marx%3A+a+rejoinder&rft.issue=3&rft.pages=177-179&rft.date=1885&rft.aulast=Wicksteed&rft.aufirst=Philip+Henry&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarginalism" class="Z3988"></span></span> </li> <li id="cite_note-hilferding-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-hilferding_46-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHilferding1904" class="citation book cs1 cs1-prop-foreign-lang-source"><a href="/wiki/Rudolf_Hilferding" title="Rudolf Hilferding">Hilferding, Rudolf</a> (1904). <i>Böhm-Bawerks Marx-Kritik</i> [<i>Böhm-Bawerk's Criticism of Marx</i>] (in German).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=B%C3%B6hm-Bawerks+Marx-Kritik&rft.date=1904&rft.aulast=Hilferding&rft.aufirst=Rudolf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarginalism" class="Z3988"></span></span> </li> <li id="cite_note-bukharin-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-bukharin_47-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBukharin1914" class="citation book cs1"><a href="/wiki/Nikolai_Bukharin" title="Nikolai Bukharin">Bukharin, Nikolai</a> (1914). <a rel="nofollow" class="external text" href="https://www.marxists.org/archive/bukharin/works/1927/leisure-economics/"><i>Политической экономии рантье</i></a> [<i>The Economic Theory of the Leisure Class</i>].</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=%D0%9F%D0%BE%D0%BB%D0%B8%D1%82%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%BE%D0%B9+%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%B8+%D1%80%D0%B0%D0%BD%D1%82%D1%8C%D0%B5&rft.date=1914&rft.aulast=Bukharin&rft.aufirst=Nikolai&rft_id=http%3A%2F%2Fwww.marxists.org%2Farchive%2Fbukharin%2Fworks%2F1927%2Fleisure-economics%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarginalism" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://socserv.mcmaster.ca/econ/ugcm/3ll3/edgeworth/mathpsychics.pdf"><i>Mathematical Psychics</i></a></span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><a href="/wiki/Eugen_Slutsky" title="Eugen Slutsky">Eugen Slutsky</a>; "Sulla teoria del bilancio del consumatore", <i>Giornale degli Economisti</i> 51 (1915).</span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text">Hicks, John Richard, and Roy George Douglas Allen; "A Reconsideration of the Theory of Value", <i>Economica</i> 54 (1934).</span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text"><a href="/wiki/Von_Mises,_Ludwig_Heinrich" class="mw-redirect" title="Von Mises, Ludwig Heinrich">von Mises, Ludwig Heinrich</a>; <i><a href="/wiki/Theorie_des_Geldes_und_der_Umlaufsmittel" class="mw-redirect" title="Theorie des Geldes und der Umlaufsmittel">Theorie des Geldes und der Umlaufsmittel</a></i> (1912).</span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text">Hicks, Sir John Richard; <i>Value and Capital</i>, Chapter I. "Utility and Preference" §8, p. 23 in the 2nd edition.</span> </li> <li id="cite_note-hicks_vc-53"><span class="mw-cite-backlink">^ <a href="#cite_ref-hicks_vc_53-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-hicks_vc_53-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Hicks, Sir John Richard; <i>Value and Capital</i>, Chapter I. "Utility and Preference" §7–8.</span> </li> <li id="cite_note-samuelson-54"><span class="mw-cite-backlink">^ <a href="#cite_ref-samuelson_54-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-samuelson_54-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Samuelson, Paul Anthony; "Complementarity: An Essay on the 40th Anniversary of the Hicks-Allen Revolution in Demand Theory", <i>Journal of Economic Literature</i> vol 12 (1974).</span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text">Ramsey, Frank Plumpton; "Truth and Probability" (<a rel="nofollow" class="external text" href="http://cepa.newschool.edu/het//texts/ramsey/ramsess.pdf">PDF</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080227205205/http://cepa.newschool.edu/het//texts/ramsey/ramsess.pdf">Archived</a> 27 February 2008 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>), Chapter VII in <i>The Foundations of Mathematics and other Logical Essays</i> (1931).</span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text">von Neumann, John and Oskar Morgenstern; <i><a href="/wiki/Theory_of_Games_and_Economic_Behavior" title="Theory of Games and Economic Behavior">Theory of Games and Economic Behavior</a></i> (1944).</span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text">Savage, Leonard Jimmie; <i>Foundations of Statistics</i> (1954).</span> </li> <li id="cite_note-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-58">^</a></b></span> <span class="reference-text">Marx, Karl; <a rel="nofollow" class="external text" href="https://www.marxists.org/archive/marx/works/1894-c3/ch10.htm"><i>Capital</i> v. III pt. II ch. 10</a>.</span> </li> <li id="cite_note-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-59">^</a></b></span> <span class="reference-text">Nikolai Bukharin (1914) <i>The Economic Theory of the Leisure Class</i>, Chapter 3, Section 2. <a rel="nofollow" class="external autonumber" href="https://www.marxists.org/archive/bukharin/works/1927/leisure-economics/ch03.htm#s6">[1]</a>.</span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text">Nicholai Bukharin (1914) <i>The Economic Theory of the Leisure Class</i>, Chapter 3, Section 6. <a rel="nofollow" class="external autonumber" href="https://www.marxists.org/archive/bukharin/works/1927/leisure-economics/ch03.htm#s6">[2]</a>.</span> </li> <li id="cite_note-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-61">^</a></b></span> <span class="reference-text">Mandel, Ernest; <i>Marxist Economic Theory</i> (1962), <a rel="nofollow" class="external text" href="https://www.marxists.org/archive/mandel/works/marxist-economic-theory/marginalists.htm">“The marginalist theory of value and neo-classical political economy”</a>.</span> </li> <li id="cite_note-dobb-62"><span class="mw-cite-backlink">^ <a href="#cite_ref-dobb_62-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-dobb_62-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Dobb, Maurice; <i>Theories of value and Distribution</i> (1973).</span> </li> <li id="cite_note-63"><span class="mw-cite-backlink"><b><a href="#cite_ref-63">^</a></b></span> <span class="reference-text">Steedman, Ian; <i>Socialism & Marginalism in Economics, 1870–1930</i> (1995).</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Marginalism&action=edit&section=27" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Backhouse, Roger E. "Marginal Revolution." eds. Steven N. Durlauf and Lawrence E. Blume (2008). The New Palgrave Dictionary of Economics. Palgrave Macmillan. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_M000392">2nd edition online</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1057%2F9780230226203.1026">10.1057/9780230226203.1026</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output 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