Economics Dictionary of ArgumentsHome
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| Marginalism: Marginalism in economics analyzes decision-making based on incremental changes in costs or benefits. It emphasizes the importance of marginal utility (extra satisfaction from consuming one more unit) and marginal cost in optimizing choices. Central to modern economics, marginalism explains pricing, resource allocation, and consumer behavior by focusing on the effects of small adjustments._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Wassily Leontief on Marginalism - Dictionary of Arguments
Kurz I 17 Marginalism/Leontief/Kurz: Leontief premised his analysis on the conviction that economics should start from ‘the ground of what is objectively given’ (Leontief, 1928, p. 583)(1); economic concepts are said to be meaningless and potentially misleading unless they refer to magnitudes that can be observed and measured. He adopted explicitly a ‘naturalistic’ or ‘material’ perspective ([p. 211] p. 622). The starting point of the marginalist approach, homo oeconomicus, he considered inappropriate because it is said to give too much room to imagination and too little to facts (pp. 619-620). Economic analysis should rather focus on the concept of circular flow (…). >Input-output analysis/Leontief, >Classical Economics, >Objectivism, >Subjectivism. 1. Leontief, W. (1928) Die Wirtschaft als Kreislauf, Archiv für Sozialwissenschaft und Sozialpolitik, 60, pp. 577–623. Heinz D. Kurz and Neri Salvadori 2015. „Input–output analysis from a wider perspective. A comparison of the early works of Leontief and Sraffa“. In: Kurz, Heinz; Salvadori, Neri 2015. Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). London, UK: Routledge._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Leontief I Wassily Wassilyevich Leontief Die Wirtschaft als Kreislauf, Archiv für Sozialwissenschaft und Sozialpolitik, 60, pp. 577–623. 1928 Kurz I Heinz D. Kurz Neri Salvadori Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). Routledge. London 2015 |
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