Assignment
Reading guide for the Marginalists p. 250-261 p. 264-273
• Take note on Jevon
o Utility theory from Bentham
o In contrast to our labor theory of value?
o Total utility VS final degree of utility
o Marginal?
o Explain relative price equation
o Is everyone of us has the same preferences?
o Jevon's capital theory against Ricardo's
• Take note on Menger
o Explain Menger's table
o What are the differences between Menger's table and Jevon's equation?
- Neglect price
- Supply and demand
o Explain supply and demand concept that is different than Smith, Ricardo, and Marx
o Capital
- Good of higher order?
o Take note on Walras
- Supply and demand?
- Why do the marginalists need general equilibrium?
- How many sides there are in Walras' system?
- Explain
- Why does the system need stability?
- A crier?
Textbook:- History of Economic Thought A CRITICAL PERSPECTIVE THIRD EDITION by E.K. Hunt and Mark Lautzenheiser