ABSTRACT
The call of social reform created a new focal point for the practical interests of the economics profession; but though it influenced tone and direction, it did not affect the technique of analytic work. The historical school meant indeed to revolutionize the methods of the science; but this revolution ended in compromise even in Germany. So far as these influences went, General Economics remained, in scope and method, substantially what it had been before. But its analytic core, for which the term Value and Distribution became increasingly popular, experienced a revolution of its own which was to subside into a typical Classical Situation around 1900 and constitutes, in our field, the third great event of that period. According to a familiar tradition from which it is convenient to start, this revolution centered in the rise of the marginal utility theory of value that is associated with the names of three leaders: Jevons, Menger, and Walras. We pause to salute them. 1
