The Marginalists

Docs en anglais | 8 pages | 29-04-2006 | Format : | Note : Non noté

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Résumé

The attempts to apply Kuhn's notion of 'scientific revolutions' to the 'Marginalist Revolution' of the 1870s is critically evaluated. Word count: 2,435.

Extract:

The term of "marginalist revolution" is often used to refer to the almost simultaneous but totally independent discovery, in the early 1870s, of the principle of the marginal utility. This was a new concept designed as the foundations of a new sort of static microeconomics by Stanley Jevons in "The Theory of Political Economy" (1871), Carl Menger in "Principles of Economics" (1870), and Leon Walras in "Elements of Pure Economics" (1874-1877). This phenomenon is often presented as one of the best examples of "multiple discovery" in Robert Menson's sense of the term in the history of economic thought. It is an intriguing fact particularly since the intellectual context and the economic development in Manchester, Vienna, and Lausanne were very different ...

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