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GrenznutzentheorieMarginal Utility Theory, a theory of liberalism according to which goods and services have to be valued higher than the cost of producing or providing them. The theory was developed independently, but at the same time (around 1890), by the English economist W. S. Jewons, by L. Walras from Switzerland, and by the Viennese Karl Menger. It had considerable impact of economic policy and was developed further by the Austrian School of Economics.
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