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The Marginalist Revolution refers to the establishment of what has been since called Neoclassical approach to economic theory. The dating of this "revolution" is commonly ascribed to 1871-74, when the concept of diminishing marginal utility was introduced by William Stanley Jevons, Carl Menger and Léon Walras, to pin down the character of demand -- thus the term "Marginalist". This set the foundations for the Neoclassical theory of value, which eventually replaced the "Classical" theory of value of Adam Smith, David Ricardo, John Stuart Mill and Karl Marx. However, the task of establishing the Neoclassical theory as the dominant approach to economics took quite some time. It can be roughly seen as a three-phase affair:
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