Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has...
Found on
http://en.wikipedia.org/wiki/Marginalism
1. The belief that marginal analysis provides a useful theory of economic behavior. 2. The belief that economic value reflects marginal utility.
Found on
http://www-personal.umich.edu/~alandear/glossary/m.html
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