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Marginalism
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==== Marginal Revolution as a response to socialism ==== The doctrines of marginalism and the Marginal Revolution are often interpreted as a response to the rise of the worker's movement, [[Marxian economics]] and the earlier [[Ricardian socialism|(Ricardian) socialist]] theories of the [[exploitation of labour]]. The first volume of ''[[Das Kapital]]'' was not published until July 1867, when marginalism was already developing, but before the advent of Marxian economics, proto-marginalist ideas such as those of Gossen had largely fallen on deaf ears. It was only in the 1880s, when Marxism had come to the fore as the main economic theory of the workers' movement, that Gossen found (posthumous) recognition.<ref name=":0">{{cite book|title=An Outline of the History of Economic Theory |author-last1=Screpanti |author-first1=Ernesto |author-link1=Ernesto Screpanti |author-last2=Zamagni |author-first2=Stefano |author-link2=Stefano Zamagni |publisher=[[Oxford University Press]] |year=2005 |pages=170–173}}</ref> Aside from the rise of Marxism, [[Ernesto Screpanti|E. Screpanti]] and [[Stefano Zamagni|S. Zamagni]] point to a different 'external' reason for marginalism's success, which is its successful response to the [[Long Depression]] and the resurgence of [[class conflict]] in all developed capitalist economies after the 1848–1870 period of social peace. Marginalism, Screpanti and Zamagni argue, offered a theory of the [[Perfect competition|free market as perfect]], as performing optimal allocation of resources, while it allowed economists to blame any adverse effects of laissez-faire economics on the interference of workers' coalitions in the proper functioning of the market.<ref name=":0" /> Scholars have suggested that the success of the generation who followed the preceptors of the Revolution was their ability to formulate straightforward responses to [[Marxist economic theory]].<ref name="screpanti">{{cite book|author-last1=Screpanti |author-first1=Ernesto |author-link1=Ernesto Screpanti |author-last2=Zamagni |author-first2=Stefano |author-link2=Stefano Zamagni |title=An Outline of the History of Economic Thought |date=1994}}</ref> The most famous of these was that of Böhm-Bawerk, "{{lang|de|Zum Abschluss des Marxschen Systems}}" (1896),<ref>{{cite book|author-last=Böhm-Bawerk |author-first=Eugen Ritter von |author-link=Eugen von Böhm-Bawerk |title=Zum Abschluss des Marxschen Systems |language=de |trans-title=On the Closure of the Marxist System |publisher=Staatswiss. Arbeiten. Festgabe für [[Karl Knies|K. Knies]] |date=1896}}</ref> but the first was Wicksteed's "The Marxian Theory of Value. ''Das Kapital'': A Criticism" (1884,<ref>{{cite magazine|author-last=Wicksteed |author-first=Philip Henry |author-link=Philip Wicksteed |title=Das Kapital: A Criticism |magazine=To-day |number=2 |date=1884 |pages=388–409}}</ref> followed by "The Jevonian Criticism of Marx: A Rejoinder" in 1885).<ref>{{cite magazine|author-last=Wicksteed |author-first=Philip Henry |author-link=Philip Wicksteed |title=The Jevonian criticism of Marx: a rejoinder |magazine=To-day |number=3 |date=1885 |pages=177–179}}</ref> The most famous early Marxist responses were [[Rudolf Hilferding]]'s {{lang|de|Böhm-Bawerks Marx-Kritik}} (1904)<ref name="hilferding">{{cite book|author-last=Hilferding |author-first=Rudolf |author-link=Rudolf Hilferding |title=Böhm-Bawerks Marx-Kritik |language=de |date=1904 |trans-title=Böhm-Bawerk's Criticism of Marx}}</ref> and ''The Economic Theory of the Leisure Class'' (1914) by [[Nikolai Bukharin]].<ref name="bukharin">{{cite book|author-first=Nikolai |author-last=Bukharin |author-link=Nikolai Bukharin |title=Политической экономии рантье |date=1914 |url=http://www.marxists.org/archive/bukharin/works/1927/leisure-economics/ |trans-title=The Economic Theory of the Leisure Class}}</ref>
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