Introduction to Inframarginalism

Abstract

Progressives who respond to conservative law and economic arguments by rejecting neoclassical economic theory are making a mistake because neoclassical economics is the only ideology that honors the modern viewassociated with the Death of God narrative in Western culture-that there are no longer universal standards of value. To make a case for redistribution of wealth that appeals to the modern view regarding value-one that progressives themselves hold-progressives must engage with economics. Fortunately, the concept of the gains from trade in neoclassical economics (also known as "surplus" or "economic rent") allows progressives to make a strong case for redistribution of wealth because the gains from trade do not need to be appropriated by any particular market participant in order for efficiency to prevail in markets. This approach is called "inframarginalism" to contrast it with the conservative view that the valuations of the marginal buyer and seller pin down price in competitive markets and therefore leave progressives no room for redistribution.

Keywords: marginalism, inframarginalism, surplus, economic rents, gains from trade, rents, rent theory, Robert L. Hale, conservative law and economics, left law and economics