Marshalling A Contradiction
In the third edition of his Principles, Marshall defended his consumer surplus analysis,
acknowledging that, in strict theoretical terms, it required that the marginal utility of
money remained constant. Provided, however, that there were only small changes in
"the neighborhood of the customary price" and that special care was taken in dealing
with "necessaries", the "substance" of the analysis remained valid and there would be
"very few practical problems" in which changes in the marginal utility of money would
have "any importance" [Marshall 1895, pp.208-9]. To illustrate the last point, he
argued that
Marshalling A ContradictionIn the third edition of his Principles, Marshall defended his consumer surplus analysis,acknowledging that, in strict theoretical terms, it required that the marginal utility ofmoney remained constant. Provided, however, that there were only small changes in"the neighborhood of the customary price" and that special care was taken in dealingwith "necessaries", the "substance" of the analysis remained valid and there would be"very few practical problems" in which changes in the marginal utility of money wouldhave "any importance" [Marshall 1895, pp.208-9]. To illustrate the last point, heargued that
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