The Jevonian Revolution in International Trade Theory By

theory of value does not evince a Ž rm grasp of Ž rst principles.” He welcomed successive editions and continued to Ž nd fundamental errors. Yet this book, incorporating none of the innovations that mattered so much to Edgeworth, remained “the best manual on the most difŽ cult part of Economics” (1897, p. 397). Edgeworth seems to have been satisŽ ed with the practical soundness of Bastable’s work. Metzler (1948, p. 233) wrote of the repercussions on trade theory of the 1930s’ revision of value theory: “Despite these modiŽ cations, however, many of the conclusions which the economists had reached with more antiquated equipment remained essentially unchanged.” Edgeworth evidently thought much the same of the repercussions of the 1870s’ revision of value theory, but he was so quiet about the modiŽ cations that it might seem as though there had been none. The “more antiquated equipment” replaced in the 1930s and 1940s was not the work of Jevons and Edgeworth but of Mill and Marshall.