3.4 — Marshallian Economics I: Demand & Utility — Class Content
Overview
Today we continue the marginalist revolution.
Readings
Required Readings
- Ch.10 (up to Marshall on Supply) “Alfred Marshall and Neoclassical Economics” in Landreth & Colander
- Ch.9 “Marshallian Economics: Utility and Demand” in Blaug
Recommended Readings:
The following Wikipedia entries can also provide more background:
Questions to Help Your Reading
- What is the definition of economics, according to Marshall
- What is the proper way to study economics, and what is the role of mathematics, according to Marshall?
- What do you recognize from your principles & intermediate microeconomics courses from Marshall?
- What are the problems with Marshall’s approach to utility functions?
- What are the problems with Marshall’s approach to measuring price and utility?
- What is the rule for consumer maximization of utility?
- What is the “marginal utility of money” according to Marshall, and how does it play a role in utility maximization?
Questions to Help Your Reading
Slides
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)!
Assignments
Participation/Discussion Board Posts Due 8 PM Fri Nov 4
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 November 4.
Tournament Votes
The first round of the Classical division of the “Most Interesting Economist in History” tournament is live. Please post your votes in the discussion board.