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Marginal Revolution - Research Paper Example

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Customer inserts His/her Name Customer inserts Name of Tutor Customer inserts Grade /Course (Date)  Marginal Revolution Carl Menger, William Jevons and Leon Walras are credited for having contributed to the marginal revolution in economics. Nevertheless, Menger, through his works, is seen to ascribe to a much different version of economic thought compared to the other two…
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Marginal Revolution Research Paper
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Marginal Revolution

Download file to see previous pages... In his treatment of the concept of human wants, we see a different connotation from that realized from Walras who showed no particular interest in that aspect and Jevons who viewed a want as a balance between the physical and mechanical forces of humanity. Walras and Jevons addressed the aspect of exchange of goods and services as the exchange between equivalents. Menger, on the other hand, felt that it was improper to regard quantities as equivalents in the subjective sense. On this account it is realized that Menger’s theory, unlike Walras’ and Jevons,’ could not effectively explain the concept of pricing. Menger did not, however, ignore the concept of price arbitrarily (Black 67). It was out of the feeling that price as an exchange measure was simply a superficial demonstration of much complex forces at play. Menger appears different from his two contemporaries given that he treats his theory in a way that is much connected to the real word. Therefore, unlike Jevons and Walras, he does not want to present his cases in grounded mathematical connotations which are quite common in mainstream economics. It is at this point that the Austrian School of thought began to emerge with Menger being the founder (Bellet 78). Menger wanted to relate his theory to the real world as much as possible. To him, this could only be facilitated by avoiding the representations of equilibrium as was common in the works of the other two economists. However, Menger was well aware of the possibility of attaining equilibrium levels in the real world. His concern was nevertheless on the impediments that would alter such an eventuality. Hence, he opted to take a new orientation with regard to equilibrium and disequilibrium. The greatest difference of Menger from Jevons and Walras lies in his (Menger) omission of integral and classical calculus from his works. Though he knew mathematics, he totally took a different turn with regard to the use of mathematics in economics. To him, mathematics should only be a subsidiary way of advancing economic knowledge but not as the central device of communicating economics. His different orientation in that respect was the main genesis behind the Austrian School of thought where economics is normally treated in theoretical means. The Austrian school was, therefore, developed directly from the different vies that Menger held in the practice of economics. Menger felt that economic inquiry should be conducted through the study of economic phenomena and realities in order to unearth the facts and not through the use of abstract mathematics which to him could not really bring the ideas into focus. In his works, Walras feels that through the construction of simultaneous equations to represent the marginal utility principle, the ultimate behavior of man could easily be traced. Much of that notion was shared by Jevons who also advocated the use of calculus and mathematical formulae in the understanding of economic behavior. To Menger, the object of economic inquiry was to bring into focus the behavior of man in all respects of life, a goal that could not be achieved through mathematics. The socialist arguments that were further grounded in the Austrian School of thought were mainly originally connected by Menger through his approach of economics. Ludwig Von Mises was most influenced by the works of Menger with respect to ...Download file to see next pagesRead More
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