Marginalism

The concept of marginalism is central to modern economic theory and its development in the 1870s underpinned the change from classical economics to modern (micro)economics. This book explores the origins, development, and role of marginalism in modern economics and shows why it is more than a set of mathematical rules. It examines how marginalism and calculus emerged in response to Ricardo's theory of rents, von Thunen's location model, and the writings of German and French authors. It also looks at the work of Jevons, Walras, and Menger, the economists most closely associated with the marginal revolution. By exploring the origins and development of the marginalist approach within the history of economic thought, the book is better able to show students the wider importance of the marginalist approach in economic theory and its societal implications.

Format: Paperback / softback
Length: 192 pages
Publication date: 21 December 2020
Publisher: Agenda Publishing

The concept of marginalism holds a pivotal position in modern economic theory, marking a significant transition from classical economics to the realm of (micro)economics, as famously described by Schumpeter as a "revolution." This comprehensive book delves into the origins, evolution, and profound impact of marginalism on contemporary economics, highlighting its significance beyond a mere set of mathematical rules.

The book explores the genesis of marginalism and its evolution within various contexts, including as a response to Ricardo's influential theory of rents, in von Thunen's location model, in the writings of German and French authors, both within and outside the mainstream, and subsequently delves into the intricate works of Jevons, Walras, and Menger, the economists most closely associated with the marginal revolution. By tracing the roots and development of the marginalist approach within the historical framework of economic thought, rather than imposing rigid formal explanations, the book endeavors to convey its broader significance in economic theory and its far-reaching societal implications regarding the distribution of wages and capital.

This approach will undoubtedly be warmly embraced by those who have grappled with the complexities of microeconomic theory, offering a fresh and accessible perspective that enhances understanding and appreciation of this influential economic framework.

Weight: 264g
Dimension: 150 x 210 x 15 (mm)
ISBN-13: 9781911116677