Vilfredo Pareto, 1848–1923 and Lionel Robbins, 1898–1984: Critique and Decline of Utility theory

Gianni Vaggi and Peter Groenewegen
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Peter Groenewegen: University of Sydney

Chapter 30 in A Concise History of Economic Thought, 2003, pp 288-294 from Palgrave Macmillan

Abstract: Abstract The marginal revolution of the 1870s had only one thing in common for the three economists with whom that revolution was associated (see Chapter 17 above). This was the development of a theory of value based on marginal utility. The essence of that revolution was the introduction of marginal analysis, particularly useful for the solution of resource allocation problems and used as well in the development of relative price theory, including that of factor prices. It was the marginal aspect which became important, not the utility aspect.

Keywords: Marginal Utility; Welfare Economic; Utility Theory; Indifference Curve; Resource Allocation Problem (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50580-3_30

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DOI: 10.1057/9780230505803_30

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