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: Hardback 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 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 through 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 culminating in a detailed examination of the works of Jevons, Walras, and Menger, the economists most closely associated with the marginal revolution.By tracing the origins and development of the marginalist approach within the historical context of economic thought, the book offers a more accessible and insightful perspective for students, enabling them to grasp the broader significance of marginalism in economic theory and its far-reaching societal implications in terms of wage distribution and capital allocation. This approach is particularly valuable for those who have encountered challenges in navigating the technical intricacies of microeconomic theory. Weight: 370g Dimension: 153 x 217 x 21 (mm) ISBN-13: 9781911116660
