Marginal Revolution in Economics: A Reappraisal

The year 1871 should be remembered as one of the most important turning points in the history of economics. W. S. Jevons, C. Menger, and L. Walras published epochal works at the very beginning of the 1870s. Although these works were written independently, they shared a common mathematical structure based on classical analysis. For this reason, the emergence of the trio is called the Marginal Revolution. Indeed, 1871 is the starting point of modern economics in the proper sense.

In 1971, several academic conferences were held on the occasion of the 100th anniversary of the Revolution, which exerted the stimulating influence upon the historical researches into the Revolution. Now more than fifty years have passed since then. Economic theory has experienced further substantial changes in researchers’ central interest, the way of reasonings and the styles of description during this period. In view of the new achievements acquired in recent fifty years, it seems an indispensable task for us to review and reevaluate the Marginal Revolution based upon the present status of economics.

We also keep in mind that some concepts and doctrines once discarded could reappear in a later stage of history in a more or less transfigured form.

The introductory chapter will be a guide for readers not only from the economics community but also from the mathematics community.