Classical economic theory and marginalist economic theory

Ronaldo Fiani ()

Brazilian Journal of Political Economy, 1990, vol. 10, issue 4, 584-593

Abstract: This paper discusses the importance of the differences between classical andmarginalist economic theories, with a special interest on David Ricardo’s thought. In orderto analyse the theoretical incompatibility among classicals and marginalists, the criticalhypotheses to prove the referred incompatibility are settled and checked. It is seen that themost important element in distinguishing classicals and marginalists is the difference in theapproach to the labor market. In fact, the classical determination of the wage rate is sharplydistinct from the General Equilibrium Theory, based on the supply and demand principle. JEL Classification: B12; B13; D46.

Keywords: History of economic thought; value theory (search for similar items in EconPapers)
Date: 1990
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