Most economic theorists of the late 1800s claimed that the utility of a good determined its price, while classical theorists claimed that the cost of production determined the price of the good.
Most economic theorists of the late 1800s claimed that the utility of a good determined its price, while classical theorists claimed that the cost of production determined the price of the good. This economist combined these two theories, and concluded that both factors helped determine price in his most famous work. His belief in a self-regulating economy based on private enterprise and consumer welfare led to the founding of welfare economics. FTP, name this Cambridge economics professor who introduced concepts like "time analysis" in his 1890 Principles of Economics.
Most economic theorists of the late 1800s claimed that the utility of a good determined its price, while classical theorists claimed that the cost of production determined the price of the good.
Alfred Marshall