ECS3705 Study unit 5

Chapter 12, 15 & 18: The Marginalist/neoclassical school 1. Write an essay on the Marginalist/neoclassical institutional schools of economics, in which you pay attention to the following:  Its reaction against the classical school - The early marginalists reacted to the classical position which one-sidedly emphasised the suppliers’ valuation of the good (cost of production) as the main determinant of its price, by embracing the opposite one-sided position that regards demanders’ va...