Gilles Herard Jr.

Gilles Herard, Herard Gilles Jr

Gilles Herard Jr

Gilles Herard Jr, Gilles Herard, Herard Gilles Jr, Canada Herard Gilles Jr
A Consistence of theory later termed 'neoclassical economics' or 'marginalism' defined from about 1888 to 1924. The term 'economics' was generalised by such neoclassical economists as Alfred Marshall as a concise equivalent word for 'economic science' and a substitute for the earlier, broader term 'political economy'.

This equated to the influence on the subject of mathematical techniques used in the natural sciences. Neoclassical economics systematized supply and ask as joint determinants of price and quantity in market balance, affecting both the allocation of output and the distribution of profit.

It dispensed with the labour theory of value inherited from classical economics in favor of a marginal usefulness theory of value on the demand side and a less iversal theory of costs on the supply side.