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1、 Chapter9 THEMARGINALISTSCHOOL JEVONS MENGER VONWIESER ANDVONBO HM BAWERK Introduction AlthoughCournot Dupuit vonThu nen andGossenprovidedpath breakingmarginalanalyses marginalismasamoreclearlydefinedschoolofeconomicthoughtoriginatedwithW StanleyJevonsinEngland CarlMengerinAustria andLe onWalrasatLa
2、usanne Switzerland WilliamStanleyJevonswasborninLiverpool England Heinventedalogicmachine exhibitedbeforetheRoyalSocietyin1870 thatcouldyieldaconclusionmechanicallyfromanygivensetofpremises Jevonswasalsofamousasahistorianofscience andhemadeoutstandingcontributionstothedevelopmentofindexnumbers 9 1WI
3、LLIAMSTANLEYJEVONS 1835 1882 Guidedbywin winconcept JevonsonValueTheoryJevonscalledRicardo thatablebutwrong headedman who shuntedthecarofEconomicscienceontoawrongline UnlikeRicardo whomightsaythatpearlshavevaluebecausepeopleneedtodiveforthem Jevonsissayingthatpearlshavevaluebecausebuyersgetutilityfr
4、omthemandthatpeoplediveforpearlsbecausepearlshavesuchvalue Thespecificlevelofutilityassociatedwiththepearlsdependsonthenumberofpearlspeoplepresentlypossess Guidedbywin winconcept JevonsonValueTheoryToexplainJevons svaluetheory wemustthereforebeginwithhistheoryofthelawofdiminishingmarginalutility The
5、oryofdiminishingmarginalutilityJevons stheoryofdiminishingmarginalutilityissimilartotheearlierideasofGossenandDupuit Jevonssaidthatutilitycannotbemeasureddirectly atleastwiththetoolsathand Thissubjectivepleasureorsatisfactioncanbeestimatedonlybyobservinghumanbehaviorandnotinghumanpreferences Guidedb
6、ywin winconcept ThetotalutilitythataconsumerreceivesfromeachquantityofcommodityXisshownbyTUintheuppergraph Thelowergraphshowsthemarginalutility MU orthechangeintotalutility aseachunitofthecommodityisadded Marginalutility whichisequivalenttoJevons sfinaldegreeofutility declinesasmoreofcommodityXiscon
7、sumed ThetotalutilityofquantityX1isTU1 themarginalutilityofunitX1isMU1 Jevons sLawofDiminishingMarginalUtility b Rationalchoice theequimarginalruleJevons sexampleissimplyaspecialcaseofGossen ssecondlaw theconsumerwishingtomaximizeutilitywillallocatemoneyincomeinsuchawaythatthemarginalutilityofthelas
8、tdollarspentonallcommoditiesisequal Jevonsemployedhisnotionoffinalutility marginalutility toformalizeageneraltheoryofrationalchoice Symbolicallythisisstatedas MUx Px MUy Py MUn Pn Theroleofdiminishingmarginalutilityisimportanthere c TheoryofexchangeJevonsalsousedhisprincipleofutilitymaximizationtoex
9、plainthegainsfromexchange Supposethatoneparty tradingbody hasonlycornandanotherhasonlybeef Howisitthatexchangewillbenefiteach Atwhatpointwillexchangecease Onceagaintheequimarginalrulecomesintoplay d Jevonsonlabor RecallthatJevonsheldutilitytobethedeterminantofexchangevalue Costofproductiondetermines
10、supply Supplydeterminesfinaldegreeofutility Finaldegreeofutilitydeterminesvalue Laboritselfisasubjective psychologicalcost a painfulexertion Theproblemofeconomicsis tosatisfyourwantswiththeleastpossiblesumoflabour Toaccomplishthis theworkermustcomparethepainofworkandthepleasureofearnings Jevonsprese
11、ntedhistheoryoftheoptimalamountofworkgraphicallyasshowninFigure Jevonstheorizedthattheworkercomparesthemarginalutilityofearningsfromthejob MUe withthemarginaldisutilityofwork MDUw Theoptimalamountofworkisshownbym wherethemarginalutilityofearnings qm equalsthemarginaldisutilityofwork dm d Jevonsonlab
12、or OtherTopicsAddressedbyJevonsJevonsaddressedseveraladditionaltopicsthatdeservediscussion First althoughhedidnotfullydevelopageneraltheoryofdistributionbasedonmarginalproductivity nordidheadequatelyexplainthelawofdiminishingreturnsonwhichsuchatheoryofdistributioncouldbebuilt hedidunderstandtherudim
13、entsofbothideas Second Jevonscontributedtothetheoryofinsuranceandgambling JevonsonPublicPolicy Jevonsfavoredfreepublicmuseums concerts libraries andeducation Hebelievedthatchildlaborshouldberestrictedbylawandthathealthandsafetyconditionsinfactoriesshouldberegulated Jevonsopposedregulatingthehoursofl
14、aborofadultmales Jevonssupportedacautiousextensionoflegislationtoimprovepublicsanitationbutwasundecidedaboutwhetherimprisonmentfordebtshouldbeabolished 9 2CARLMENGER 1840 1921 AsaprofessorattheUniversityofVienna Mengerpublishedhispathbreakingtreatise PrinciplesofEconomics Menger simmediateandlasting
15、impactoneconomicswassubstantial TwoofMenger smoresignificantcontributionswerehistheoriesofvalueandimputation Menger sValueTheory LikeJevons Mengerbasedhisvaluetheoryontheconceptofutility ContrarytoJevons however hedeliberatelymadenouseofmathematicsinformulatinghistheory andheavoidedconstructingitupo
16、naBenthamitebase Menger sValueTheory Thetableshowsthehypotheticalvaluesofmarginalutilityforvariousnumbersofunitsof10commodities orclassesofcommodities IthroughX Menger sValueTheory AnimplicitassumptionofMenger stableisthateachunitofeachcommodityrepresentsthesameexpenditureofmoneyoreffortorsacrifice 1inourexample AnotherimplicitassumptionofMenger stableisthattheeconomizingindividualisabletoranksatisfactionsnotonlyordinallybutcardinallyaswell Themeasureofvalue saidMenger isentirelysubjective There
