Marginal Revolution with Jevons and Walras | Vibepedia

The Marginal Revolution, spearheaded by William Stanley Jevons and Léon Walras, marked a significant turning point in the history of economic thought, introducing the concept of marginal utility and laying the groundwork for modern microeconomics. This movement, which emerged in the late 19th century, challenged traditional economic theories and paved the way for the development of neoclassical economics. Influenced by the works of Adam Smith and David Ricardo, Jevons and Walras, along with Carl Menger, formed the core of this revolution, which would later influence economists such as Alfred Marshall and Milton Friedman.