3.1 — The Marginalist Revolution, Jevons & Menger — Class Content

Meeting Dates

Thursday, October 20, 2022


Today we begin the marginalist revolution that ushered in “neoclassical economics” focused on the idea of marginal utility as the source of prices & value. We will give an overview of the “revolution” and focus on two of the three thinkers: Jevons in Britain and Menger in Austria. We will return to Walras at the end of this unit to focus on his approach to general equilibrium.


Required Readings

  • William Stanley Jevons, Carl Menger & their wrirings in Reader
  • Ch.8 “Jevons, Menger, and the Foundations of Marginal Analysis” in Landreth & Colander
  • Ch.6 in Blaug

Questions to Help Your Reading


Below, you can find the slides in two formats. Clicking the image will bring you to the html version of the slides in a new tab. The lower button will allow you to download a PDF version of the slides.


You can type h to see a special list of viewing options, and type o for an outline view of all the slides.

I suggest printing the slides beforehand and using them to take additional notes in class (not everything is in the slides)!


Download as PDF


Participation/Discussion Board Posts Due 8 PM Fri Oct 21

This week’s graded discussion is worth 5 points, and can be a combination of discussion in class, and/or posts on the Blackboard Discussion Board by 8 PM this Friday October 21.

Tournament Votes

The second round of the Pre-Classical division of the “Most Interesting Economist in History” tournament is live. Please post your votes in the discussion board.