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Anchor text: Friedrich Hayek
Target Entity: Friedrich_Hayek
Preceding Context: Unlike other historicists, Weber also accepted the marginal theory of value (also called "marginalism") and taught it to his students. In 1908, Weber published an article in which he drew a sharp methodological distinction between psychology and economics and attacked the claims that the marginal theory of value in economics reflected the form of the psychological response to stimuli as described by the Weber-Fechner law. Max Weber's article has been cited as a definitive refutation of the dependence of the economic theory of value on the laws of psychophysics by Lionel Robbins, George Stigler, and
Succeeding Context: , though the broader issue of the relation between economics and psychology has come back into the academic debate with the development of "."
Paragraph Title: Marginalism and psychophysics
Source Page: Max Weber

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