TL;DR: We introduce the Englishman William Stanley Jevons, the Austrian Carl Menger, and Leon Walras of France, the three most prominent thought leaders of the “marginal revolution;” a mid-19th century moment in the history of economic thought that introduced subjective “utility” as the theoretical determinant of “value,” and thus price.
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The Marginal Revolution and a New Theory of…
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TL;DR: We introduce the Englishman William Stanley Jevons, the Austrian Carl Menger, and Leon Walras of France, the three most prominent thought leaders of the “marginal revolution;” a mid-19th century moment in the history of economic thought that introduced subjective “utility” as the theoretical determinant of “value,” and thus price.