Menger, Walras, Jevons, and the Marginal Revolution in Economics

Carl Menger

The “marginal revolution” in economics is usually linked to three men: Carl Menger, Léon Walras, and William Stanley Jevons, who wrote on the concept of marginal utility nearly simultaneously in the early 1870s. In 1871, the Austrian economist Carl Menger published his Principles of Economics [Grundsätze der Volkswirtschaftslehre]), While the term “marginal utility” came from Friedrich von Wieser (another “first-generation” Austrian), marginality had been anticipated by some earlier thinkers, notably Jules Dupuit (1804-1866).

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