marginalismn.
/ˈmɑːdʒɪnəlɪz(ə)m/, U.S. /ˈmɑrdʒənəˌlɪzəm/ Economics.
A form of economic analysis which argues that the economic value of a product is determined by the price or rate of exchange of the last unit supplied on the market; cf. marginal adj. 4b.Marginalism was developed independently by W. S. Jevons (1835–82), C. Menger (1840–1921), and M. E. L. Walras (1834–1910). It broke with the classical definition of value as the quantity of labour embodied in a product, and was thus an important component in the development of neoclassical economics.
ΘΚΠ
society > trade and finance > management of money > management of national resources > [noun] > political economy > specific theories or doctrines
Ricardianism1827
protectionism1846
physiocracy1856
Smithianism1880
quantity theory1885
physiocratism1890
fiscalism1892
tariffism1903
cameralism1909
marginalism1912
rationalism1915
consumerism1921
Kondratieff1935
Keynesian economics1940
Keynesianism1942
Walras' law1942
Chicago school1949
Paretanism1949
neo-Keynesianism1961
Okun's Law1962
structuralism1962
monetarism1967
market fundamentalism1984
1912 Jrnl. Polit. Econ. 20 640 The entire literature of marginalism is scrapped.
1926 J. A. Hobson Free-thought in Social Sci. iii. 118 The recent extension of Marginalism treats ‘doses’ as infinitesimal quantities, applies them to the demand as well as the supply side of the economic equation..and to all economic activities.
1951 J. O. Kamm Econ. Investment ii. 33 (heading) Marginalism and investment policy.
1973 K. Menger in J. R. Hicks & W. Weber Carl Menger iii. 38 Austrian marginalism and mathematical economics.
1991 Oxf. Econ. Papers 43 177 Pasinetti (and Kaldor) are known to be trenchant critics of neoclassical marginalism.
This entry has been updated (OED Third Edition, December 2000; most recently modified version published online March 2022).
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n.1912