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.
References . Clark, J. (1890). The Law of Wages and Interest. The Annals of the American Academy of
Political and Social Science, 1, 43-65. Retrieved from http://www.jstor.org/stable/1009058
. Clark, J. (1901). Wages and Interest as Determined by Marginal Productivity. Journal of Political
Economy, 10(1), 105-109. Retrieved from http://www.jstor.org/stable/1819593
. Mongin, P. (1997). The Marginalist Controversy. In J. Davis, W. Hands and U. Maki Eds.).
Handbook of Economic Methodology. London, Edward Elgar, 1997, p.558-562. Retrieved from
. Parker, U. (1907). The Marginal Productivity Theory of Distribution. Journal of Political
Economy, 15(4), 231-237. Retrieved from http://www.jstor.org/stable/1817948
. Robinson, J. (1967). Marginal Productivity. Indian Economic Review, 2(1), new series, 75-84.
Retrieved from http://www.jstor.org/stable/29793989
. Schultz, H. (1929). Marginal Productivity and the General Pricing Process. Journal of Political
Economy, 37(5), 505-551. Retrieved from http://www.jstor.org/stable/1821853
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.
The International Journal of Social Science and Economic Research Inviting Papers/Articles for Current Issue Volume 3 No. 6 June 2018.
Submit your Paper through Online Submission System. Authors also can Send Paper to firstname.lastname@example.org ....... IF of IJSSER is 2.173 UGC Approved (Journal No. 63200) Editor in Chief IJSSER