Tiny increments of economic change

Guy Routh

Chapter 5 in The Origin of Economic Ideas, 1989, pp 218-282 from Palgrave Macmillan

Abstract: Abstract The time has come to say farewell to the labour theory of value. It is about to be cast out and will soon become an object of derision, its acceptance a mark of perversity or subversion. By one of those curious coincidences in the development of ideas, Marx was engaged in installing it as the centre-piece of his economic doctrine while Jevons, Menger and Walras were exorcising it in favour of something that would be as unlike Marx’s doctrine as unlike could be.1 While Marx taught the inevitability of revolution and called in a voice of thunder for the expropriation of the expropriators, Jevons, Menger and Walras laid bare the mechanism by which economic molecules placidly pursued their maximising course through tiny increments of economic change.

Keywords: Political Economy; Marginal Utility; Demand Curve; Economic Change; Capital Good (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-20169-3_5

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DOI: 10.1007/978-1-349-20169-3_5

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