Statement of the Obvious, Revolutionary Discovery. or Both? Marginal Utility Theory Reconsidered
Abstract
This study explores whether marginal utility theory particularly in the form of diminishing marginal utility conception during the Marginal Revolution of the 1870s was a redundant statement and elaboration of obvious facts, so a truism or self-evident principle. Related, it examines whether marginal utility theory was a restatement and re-elaboration of prior statements and elaborations of the same obvious facts by its anticipations prior to the Marginal Revolution. In addition, the study investigates whether the representatives of the Marginal Revolution and its exponents deemed marginal utility theory a new ultimate truth and final discovery in economics. The study finds both the first and the second and therefore suggests that its exponents committed a logical error or inconsistency in their construction and presentation of marginal utility theory.
Downloads
Article download
Crossmark
License
In order to support the global exchange of knowledge, the journal Iberian Journal of the History of Economic Thought is allowing unrestricted access to its content as from its publication in this electronic edition, and as such it is an open-access journal. The originals published in this journal are the property of the Complutense University of Madrid and any reproduction thereof in full or in part must cite the source. All content is distributed under a Creative Commons Attribution 4.0 use and distribution licence (CC BY 4.0). This circumstance must be expressly stated in these terms where necessary. You can view the summary and the complete legal text of the licence.
Iberian Journal of the History of Economic Thought is an open access journal that does not charge authors for article processing (submission, review or editing) or publication.
