Neoclassical Economics

Marginal-utility economics of constrained choice and equilibrium that became the discipline's mainstream frame.

Specifications & Metrics

era

1870s onward

founders

William Stanley Jevons, Carl Menger, Léon Walras

signature

Marginal utility, subjective value, mathematical equilibrium

Core Principles & Analysis

• Jevons, Menger, and Walras independently recast value as marginal utility between 1871 and 1874.
• Walras's system of simultaneous equations founded general equilibrium theory.
• Its calculus of constrained choice is the direct ancestor of modern microeconomics.

Sources

• Econlib Concise Encyclopedia of Economics: Neoclassical Economics