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Jeffrey Herbener discusses the significant contributions of Frank Fetter (1863–1949) on the implications of the marginalist revolution. Fetter identified with not only the Austrian school but in particular the branch that developed Menger’s causal-realist approach to economics.

Fetter’s major achievement was to reform the Classical theory of income distribution to bring it into line with subjective value theory. In doing so, he stressed the need for economic theory to realize the importance of capital and its place in industrial affairs.

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