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unusual facts about Marginal utility


Marginal utility

Eighteenth-century Italian mercantilists, such as Antonio Genovesi, Giammaria Ortes, Pietro Verri, Marchese Cesare di Beccaria, and Count Giovanni Rinaldo Carli, held that value was explained in terms of the general utility and of scarcity, though they did not typically work-out a theory of how these interacted.


Marginal product of labor

In the aftermath of the marginal revolution in economics, a number of economists including John Bates Clark and Thomas Nixon Carver sought to derive an ethical theory of income distribution based on the idea that workers were morally entitled to receive a wage exactly equal to their marginal product.


see also

Criticisms of the labour theory of value

A close reading of Jevons' chapter on "labor" in his "Theory of Political Economy" reveals that he considered his marginal analysis quite consistent with the labor theory of value as he established that in equilibrium marginal utility equals marginal labor value.