a) The marginalists found that the classical theory of value was
inadequate to explain the forces determining prices. Value does not
come from the past but value comes from the future. Factors of
production are not price-determining but price-determined. Discuss
( 30 marks)
b) The study of an economy is complex and difficult. How did
Marshall address this problem? How did he reconcile the positions
of the classical and marginal Wily schools?