Question

In what ways is the “marginalist revolution” a “revolution?” How did it break from earlier classical political economy? Choose one of the main figures (Walras, Jevons, or Marshall) and describe their role in the change.

Answer 1

The marginal revolution was most significant contribution of neoclassicals. It marked the departure from the political economy. It made economic study more scientific and mathematics was used in the abundance. The marginal analysis led to the simple answer of many problems such as the water diamond paradox.

The marshall contribution is unparalleled in the field of economy. Marshall provided the concept of marginal utility. It answered many problems.

Marshall provided the demand and supply analysis to fix the equilibrium price and quantity. The equilibrium is set up where the demand and supply are equal.