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Classical economic theory and marginalist economic theory

Author

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  • Ronaldo Fiani

Abstract

This paper discusses the importance of the differences between classical andmarginalist economic theories, with a special interest on David Ricardo’s thought. In orderto analyse the theoretical incompatibility among classicals and marginalists, the criticalhypotheses to prove the referred incompatibility are settled and checked. It is seen that themost important element in distinguishing classicals and marginalists is the difference in theapproach to the labor market. In fact, the classical determination of the wage rate is sharplydistinct from the General Equilibrium Theory, based on the supply and demand principle. JEL Classification: B12; B13; D46.

Suggested Citation

  • Ronaldo Fiani, 1990. "Classical economic theory and marginalist economic theory," Brazilian Journal of Political Economy, Center of Political Economy, vol. 10(4), pages 584-593.
    • Handle: RePEc:ekm:repojs:v:10:y:1990:i:4:p:584-593:id:1554
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1554/1540
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    Keywords

    History of economic thought; value theory;

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

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