The Marginalist Revolution
of 1871-74

A Marginal Revolutionary

Contents

(1) The Neoclassicals: Introduction
(A) Protagonists of the Marginalist Revolution
(B) Basic Elements of the Neoclassical Theory of Value
(C) The Neoclassical Family of Schools

(2) Phases of the Marginalist Revolution
(A) Scarcity and Utility in the Classical Schema
(B) The Franco-Italian Tradition: Subjective Scarcity
(C) The Holy Grail: Marginal Utility
(D) The Revolution of 1871-4.
(E) Consolidation: the Great Flood.
(F) Aftermath: the Great Drought.
(G) The Paretian Revival

(3) Market Exchange
(A) Neoclassical Economics as Catallactics
(B) Exchange Processes
(C) Markets and Commodities
(D) The Meaning of Perfect Competition

(4) Walrasian Pure Exchange
(A) The Walrasian Exchange Economy
(B) Demand-and-Supply Representation
(C) Edgeworth-Bowley Box Representation
(D) Production as Indirect Exchange

(5) Jevons's Theory of Exchange
(A) Utility and Substitution
(B) Price-Taking Behavior
(C) The Exchange Process
(D) The Law of Indifference

(6) Marshallian Supply and Demand

(7) The Opportunity Cost Doctrine
(A) Opportunity Cost
(B) The Austrian-Marshallian Debate

(8) Edgeworth's Tales
(A) Edgeworth's Indeterminacy of Contract
(B) Determinacy Restored
(C) Edgeworth's Conjecture
(D) Monopoly Pricing and Contracts

(9) The Neoclassical Theory of Distribution
(A) Factor Payments and the Concept of Rent
(B) The Marginal Productivity Theory of Distribution
(i) The Product Exhaustion Theorem
(ii) Early Debates on Marginal Productivity
(C) Substitution and Distribution

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