Saturday, July 12, 2025

The Price of everything knows the value of nothing

 While it's not accurate to say Jevons refuted Marx in a direct, one-to-one debate, Jevons's work, particularly his marginalist theory, presented a significant challenge to Marx's labor theory of value. Jevons, along with Menger and others, introduced the concept of marginal utility, suggesting that the value of a good is determined by its last, or marginal, unit consumed, rather than the labor time involved in its production, according to the Independent InstituteThis idea, which sparked the "marginal revolution" in economics, effectively displaced the labor theory of value as the dominant economic paradigm by the late 19th century

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