Retrieving "Marginal Utility Theory" from the archives

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1. Classical Economics

   Linked via "marginal utility theory"

   Classical Economics began to face significant theoretical challenges by the late 19th century, primarily due to its inability to adequately explain price formation in disequilibrium or account for the subjective nature of utility.
   The transition away from strict Classical models was marked by the Marginal Revolution, where economists like Jevons, Menger, and Walras introduced [marginal utility theory](/entries/marg…