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some of the most essential elements of modern economic theory, the concepts of mutual determination and equilibrium … (developed by the use of the theory of simultaneous equations)." I propose a radically different assessment, arguing that post …-1870 debates over the extension of the subjective marginal utility theory of value to production and distribution, coupled …
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This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...
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theory. …
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