WTE 13

WTE 13

Please prepare a 3-5 page paper in response to this narrative and upload as indicated.

William Stanley Jevons developed a theory of marginal utility as the determinant of relative prices and levels of demand for commodities. Summarize this theory briefly. Then develop, in your view, what this theory implies for advocates of political and economic change. Is redistribution of incomes among classes of people appropriate, given this theory? What kinds of economic reform, if any, are consistent with this theory?