Heterodox Microeconomics

Marc Lavoie

Chapter 2 in Introduction to Post-Keynesian Economics, 2006, pp 25-53 from Palgrave Macmillan

Abstract: Abstract Neoclassical microeconomic theory is closely tied to two important concepts in economics: marginalism and decreasing marginal utility, suggesting that the more we acquire of a given good, the less additional utility we derive from it. Accordingly, if the importance we assign to any good is directly related to its total utility, the price of that good is related to the additional utility we receive from it — marginal utility. This is marginalism.

Keywords: Unit Cost; Capacity Utilization; Target Rate; Price Taker; Neoclassical Theory (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1057/9780230626300_2

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