Wednesday, May 18, 2016

A Lesson From Forbes on How to Whitewash the Austrian School of Economics

Tim Worstall, a Forbes columnist, is out with an article discussing the minimum wage.

As part of his discussion he brings up the marginal revolution, that is the period when economics was turned on its head by the independent discovery of marginal utility by three economists, William Stanley Jevons, Léon Walras and Carl Menger.

Menger was the founder of the Austrian School of Economics.

How does Worstall introduce the three to the readers of Forbes when he discusses marginal utility?

This way:
All economics happens at the margin. That was actually the great insight which gave us neo-classical economics, today’s standard toolkit, at the end of the 19th century. We even call that change the marginalist revolution, ushered in by Walras, Jevons and so on. 


  1. So on... sounds vaguely Asian. Reminds me of 2012 primary results: Romney first, McCain third, and so on.

  2. I posted this comment on the article's page:
    "Robert Wenzel’s blog, EPJ, asks, how does Worstall introduce the three economist who are responsible for the discovery of marginal utility to his readers?
    '...the marginalist revolution, ushered in by Walras, Jevons and so on. ‘
    Some have a true talent for filling in the old memory hole."

    Worstall responds in the comment section to me:
    "Quite, I know there was a third and couldn’t remember “Menger”. Hey, you know, tricks of the trade..."

    He could've just flushed the comment, especially since it plugs another blog, so I give him points.

  3. Doesn't he have a Google or Wikipedia link? I think you can look up things you don't KNOW on this internet thing. . . ?