Skip to main content Accessibility help
×
Hostname: page-component-76fb5796d-5g6vh Total loading time: 0 Render date: 2024-04-25T09:21:07.995Z Has data issue: false hasContentIssue false

6 - The Limitations of Marginal Utility

Published online by Cambridge University Press:  05 June 2012

Daniel M. Hausman
Affiliation:
University of Wisconsin, Madison
Get access

Summary

Thorstein Veblen (1857–1929) was born in Wisconsin and received his Ph.D. from Yale. He taught at the University of Chicago and at several other schools. Given his irascibility and his radical criticisms of American society, he was unable to find a permanent position. Veblen did, however, gain considerable renown – he was even offered the presidency of the American Economic Association (which he turned down). Veblen was, as in the essay reprinted here, a persistent critic of neoclassical economics. In the last two decades, interest in Veblen's economics and the work of other “institutionalist” economists has increased significantly.

The limitations of the marginal-utility economics are sharp and characteristic. It is from first to last a doctrine of value, and in point of form and method it is a theory of valuation. The whole system, therefore, lies within the theoretical field of distribution, and it has but a secondary bearing on any other economic phenomena than those of distribution – the term being taken in its accepted sense of pecuniary distribution, or distribution in point of ownership. Now and again an attempt is made to extend the use of the principle of marginal utility beyond this range, so as to apply it to questions of production, but hitherto without sensible effect, and necessarily so.

Type
Chapter
Information
The Philosophy of Economics
An Anthology
, pp. 129 - 142
Publisher: Cambridge University Press
Print publication year: 2007

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×