Jennifer Burns

You know, there's a version in the German-speaking lands, in the French-speaking lands, and in Britain. And they all kind of come together. And the shift... is in the theory of value. So the theory of value in marginalism is on the margin. So say you have one apple and you want a second one, how much is going from one apple to two apple worth for you? Probably quite a bit.

You know, there's a version in the German-speaking lands, in the French-speaking lands, and in Britain. And they all kind of come together. And the shift... is in the theory of value. So the theory of value in marginalism is on the margin. So say you have one apple and you want a second one, how much is going from one apple to two apple worth for you? Probably quite a bit.

If you had 10 apples, maybe going to 11 apples doesn't matter that much. The marginal value is less. So what marginalism does, though, most importantly, is it opens the door to math and economics. Because it means you can graph this now. You can depict this relationship graphically.

If you had 10 apples, maybe going to 11 apples doesn't matter that much. The marginal value is less. So what marginalism does, though, most importantly, is it opens the door to math and economics. Because it means you can graph this now. You can depict this relationship graphically.

If you had 10 apples, maybe going to 11 apples doesn't matter that much. The marginal value is less. So what marginalism does, though, most importantly, is it opens the door to math and economics. Because it means you can graph this now. You can depict this relationship graphically.

And there's some really interesting work in the history of economics that shows a lot of the people who developed marginalism were looking to physics as a model. Physics, the queen of the sciences. And so they were thinking... They imported terms from the natural world to describe the social world through the lens of economics, terms like equilibrium.

And there's some really interesting work in the history of economics that shows a lot of the people who developed marginalism were looking to physics as a model. Physics, the queen of the sciences. And so they were thinking... They imported terms from the natural world to describe the social world through the lens of economics, terms like equilibrium.

And there's some really interesting work in the history of economics that shows a lot of the people who developed marginalism were looking to physics as a model. Physics, the queen of the sciences. And so they were thinking... They imported terms from the natural world to describe the social world through the lens of economics, terms like equilibrium.

So the idea being that if you looked at a market, a market would reach equilibrium when everybody has bought and sold all that they want, or the price will settle at an equilibrium price when it's really the demand and supply are matching up.

So the idea being that if you looked at a market, a market would reach equilibrium when everybody has bought and sold all that they want, or the price will settle at an equilibrium price when it's really the demand and supply are matching up.

So the idea being that if you looked at a market, a market would reach equilibrium when everybody has bought and sold all that they want, or the price will settle at an equilibrium price when it's really the demand and supply are matching up.

Oh, yes. This is still out there. This is sort of the basic foundation of microeconomics, marginal analysis. And so in the German-speaking intellectual tradition, this is the root of Austrian economics. And people picking up the marginal revolution in the German-speaking lands are opposed to the historicists. who are thinking in a more evolutionary way about how societies kind of grow and change.

Oh, yes. This is still out there. This is sort of the basic foundation of microeconomics, marginal analysis. And so in the German-speaking intellectual tradition, this is the root of Austrian economics. And people picking up the marginal revolution in the German-speaking lands are opposed to the historicists. who are thinking in a more evolutionary way about how societies kind of grow and change.

Oh, yes. This is still out there. This is sort of the basic foundation of microeconomics, marginal analysis. And so in the German-speaking intellectual tradition, this is the root of Austrian economics. And people picking up the marginal revolution in the German-speaking lands are opposed to the historicists. who are thinking in a more evolutionary way about how societies kind of grow and change.

And they have a vision of economic ideas as applying differently to different types of social arrangements. Where the marginalists, remember, are inspired by physics. And this is a set of natural laws that applies anywhere to any sort of human society. So that's his first really big fissure that we'll see again and again. Are you historically minded? Do certain...

And they have a vision of economic ideas as applying differently to different types of social arrangements. Where the marginalists, remember, are inspired by physics. And this is a set of natural laws that applies anywhere to any sort of human society. So that's his first really big fissure that we'll see again and again. Are you historically minded? Do certain...

And they have a vision of economic ideas as applying differently to different types of social arrangements. Where the marginalists, remember, are inspired by physics. And this is a set of natural laws that applies anywhere to any sort of human society. So that's his first really big fissure that we'll see again and again. Are you historically minded? Do certain...

traits of economic life inhere, adhere, and become expressed in certain types of societies? Or are there universal economic laws that flow through any type of society? So that's kind of a juncture, a break. And so marginalism First, people start using really geometry to kind of graph things, but marginalism is also opening up to the possibility of calculus and the possibility of creating models.

traits of economic life inhere, adhere, and become expressed in certain types of societies? Or are there universal economic laws that flow through any type of society? So that's kind of a juncture, a break. And so marginalism First, people start using really geometry to kind of graph things, but marginalism is also opening up to the possibility of calculus and the possibility of creating models.

traits of economic life inhere, adhere, and become expressed in certain types of societies? Or are there universal economic laws that flow through any type of society? So that's kind of a juncture, a break. And so marginalism First, people start using really geometry to kind of graph things, but marginalism is also opening up to the possibility of calculus and the possibility of creating models.