Question

Compare and contrast Menger's and Jevon's theories of value and utility (total and marginal) paying particular attention to any role of exchange.

Answer 1

Although both Carl Menger and Stanley Jevons adopts different veiw in terms of mathematics but has similar view on theory of value.

While the fact is true that both economists proposed comparable analysis of exange but they explained the exchange with the help of different concept of value. Jevons had based his analysis on the concept of utility, a word that that was never used by Menger, his analysis was instead based on satisfaction. While satisfaction explaines the subjective state of mind which is refers to as economizing man, utility describes the more objective nature.