Neoclassical economics’ basis in marginal utility theory reexamined—based on marginal postulates without discussion?

Milan Zafirovski

The European Journal of the History of Economic Thought, 2026, vol. 33, issue 1, 1-28

Abstract: The paper reexamines early neoclassical economics' adoption of and basis in marginal utility theory. It especially explores whether and to what extent early neoclassical economics in respect of its theory of value and prices accepted and was based on marginal utility theory without discussion. The paper first reconsiders the relationship between early neoclassical economics' theory of value and prices and marginal utility theory. It identifies certain prominent marginalist economists during the 1880-90s and summarizes the main elements of marginal utility theory. It concludes that early neoclassical economics with regard to its theory of value and prices adopted and was based on marginal utility theory mostly without critical or skeptical discussion.

Date: 2026
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DOI: 10.1080/09672567.2024.2444927

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