HET: The Neoclassicals - Introduction

"On the following pages I submit to public judgement the result of twenty years of meditation. What a Copernicus succeeded in explaining of the relationships of worlds in space, that I believe I have performed for the explanations of men on earth." (Hermann Heinrich Gossen, Development of the Laws of Exchange among Men 1854: p.1) _________________________________________________________________ Contents (A) Protagonists of the Marginalist Revolution (B) Basic Elements of the Neoclassical Theory of Value (C) The Neoclassical Family of Schools Back (A) Protagonists of the Marginalist Revolution The Marginalist Revolution refers to the establishment of what has been since called Neoclassical approach to economic theory. The dating of this "revolution" is commonly ascribed to 1871-74, when the concept of diminishing marginal utility was introduced by William Stanley Jevons, Carl Menger and Léon Walras, to pin down the character of demand -- thus the term "Marginalist". This set the founda

HET: The Neoclassicals - Introduction Home Alphabetical Index Schools of Thought Essays & Surveys Contact --> Home > Essays > --> The Neoclassicals - Introduction - _________________________________________________________________ "On the following pages I submit to public judgement the result of twenty years of meditation. What a Copernicus succeeded in explaining of the relationships of worlds in space, that I believe I have performed for the explanations of men on earth." (Hermann Heinrich Gossen , Development of the Laws of Exchange among Men 1854: p.1) ____________________________________

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