Title: REVISITING MARGINALIST CONTROVERSY IN ECONOMICS:
A GENERAL OVERVIEW
Authors: Anand Jayakrishnan K.
Anand Jayakrishnan K.
Research Scholar, University of Kerala, India
MLA 8 Jayakrishnan K., Anand. "REVISITING MARGINALIST CONTROVERSY IN ECONOMICS: A GENERAL OVERVIEW." Int. j. of Social Science and Economic Research, vol. 3, no. 3, Mar. 2018, pp. 1026-1033, ijsser.org/more2018.php?id=73. Accessed 2018.
APA Jayakrishnan K., A. (2018, March). REVISITING MARGINALIST CONTROVERSY IN ECONOMICS: A GENERAL OVERVIEW. Int. j. of Social Science and Economic Research, 3(3), 1026-1033. Retrieved from ijsser.org/more2018.php?id=73
Chicago Jayakrishnan K., Anand. "REVISITING MARGINALIST CONTROVERSY IN ECONOMICS: A GENERAL OVERVIEW." Int. j. of Social Science and Economic Research 3, no. 3 (March 2018), 1026-1033. Accessed , 2018. ijsser.org/more2018.php?id=73.
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Abstract: From the late nineteenth century, there occurred a gradual evolution of classical saga in
economics into neoclassical approach. One of the major debates undercurrent in this evolution
was regarding 'What determines price of a commodity?' .The neoclassicals argued that price of a
commodity is dependent on the marginal utility of a commodity measured cardinally. Though
this approach seemed simple on first hand, it changed the very outlook of how economists
perceive market reactions paving the way for mathematisation of economics. Marginalist
revolution eventually led to marginalist controversy in the post-world war era when economists
across the world took opposite views regarding the theoretical compatibility of full cost pricing
and marginalism in a series of articles published in American Economic Review. In this paper,
an attempt was made to have a general overview on marginalist discourse in economic literature
by tracing out the history of the debate and analyzing the various viewpoints shared by
economists across the world during the discourse, along with the implications of such a
controversy in modern day economics.
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