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

In: A Concise History of Economic Thought

Author

Listed:
  • Gianni Vaggi

    (University of Pavia)

  • Peter Groenewegen

    (University of Sydney)

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.

Suggested Citation

  • Gianni Vaggi & Peter Groenewegen, 2003. "Vilfredo Pareto, 1848–1923 and Lionel Robbins, 1898–1984: Critique and Decline of Utility theory," Palgrave Macmillan Books, in: A Concise History of Economic Thought, chapter 30, pages 288-294, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50580-3_30
    DOI: 10.1057/9780230505803_30
    as

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