It dispensed with the labour theory of value inherited from classical economics in favour of a marginal utility theory of value on the demand side and a more general theory of costs on the supply side.
2.
It dispensed with the labour theory of value of which Smith was most famously identified with in classical economics, in favour of a marginal utility theory of value on the demand side and a more general theory of costs on the supply side.
3.
Returning to the UK in 1859, he published " General Mathematical Theory of Political Economy " in 1862, outlining the marginal utility theory of value, and " A Serious Fall in the Value of Gold " in 1863.
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