• Thinking at the Margin: The Revolution that Killed the Labor Theory of Value

  • Jun 15 2024
  • Length: 14 mins
  • Podcast

Thinking at the Margin: The Revolution that Killed the Labor Theory of Value

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    In this episode of Fascinating!, Rik from Planet Vulcan takes us on a journey through the marginal revolution—a seismic shift in economic thought led by the likes of Carl Menger and his brilliant contemporaries. By introducing the concept of marginal utility, these economists buried the labor theory of value and sparked a revolution that still shapes how Earthlings understand markets today. With playful wit, Rik unpacks how thinking at the margin changes everything, from the price of hot dogs to the mysteries of lost kites stuck in trees.

    Along the way, we meet figures like Ludwig von Mises and Eugen von Boehm-Bawerk, who expanded on marginal thinking to explain interest rates and time preference. Rik explores how economists showed that incremental changes, not broad sweeping decisions, govern real-world outcomes. So, if you're still clinging to the labor theory of value, prepare to have your brain snacks eaten—marginally speaking.
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