http://www.neoclassic.com Neo Classical Sat, 12 Mar 2011 03:19:17 +0000 en hourly 1 http://wordpress.org/?v=3.1.2 http://www.neoclassic.com/marginal-utility-in-neoclassical-economics.html?utm_source=rss&utm_medium=rss&utm_campaign=marginal-utility-in-neoclassical-economics http://www.neoclassic.com/marginal-utility-in-neoclassical-economics.html#comments Fri, 11 Sep 2009 12:54:07 +0000 Neo http://www.neoclassic.com/?p=522 The concept of marginal utility arose as rejection of the labor theory of value that had previously been espoused by neoclassical economists. Economists such as Adam Smith taught that the classical labor theory of value argued that the value – or utility – of a commodity was determined by three important factors that went [...]]]> http://www.neoclassic.com/marginal-utility-in-neoclassical-economics.html/feed 0