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Home | Blog | Can You Say Marginal Rate of Substitution?

Can You Say Marginal Rate of Substitution?

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Tags Philosophy and Methodology


Once, when my newborn son was barely back from the hospital, I was holding him in my arms with my wife looking on. I asked him, "Can you say marginal rate of substitution?" My wife recognized that as a bit of economics jargon and accused me of trying to turn our son into an economist like me. While it was said as a little joke between the two of us, the longer I teach and write, the more I seriously wish people actually thought in such marginal terms, because many of the times that we confuse ourselves and others are due to our failure to do so. FULL ARTICLE

Gary M. Galles is a professor of economics at Pepperdine University. He is the author of The Apostle of Peace: The Radical Mind of Leonard Read.


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