NEOCLASSICAL THEORY IN MODERN MICROECONOMICS
Keywords:
neoclassical theory, macroeconomics, competition, monopoly, cost, price, market economyAbstract
Neoclassical economic theories form the basis of modern economics, along with the principles of Keynesian economics.
As part of economic theory, the main direction that reveals the functioning mechanism of a market economy is the neoclassical direction.
In this regard, identifying the peculiarities of the relationship between the subject and method of the neoclassical direction is an urgent task, since it will make it possible to more clearly define the place of the neoclassical direction in modern economic thought, identify the theoretical basis and applicability of practical recommendations of neoclassics, in particular, more clearly define its capabilities as a theoretical basis for the formation market economy in different countries.
In this article, the authors analyze the difference between neoclassical macroeconomics and microeconomics. It is shown that the microeconomic aspects of neoclassical theory have much greater theoretical and applied significance than neoclassical macroeconomics. They largely reflect real economic processes and determine the economic behavior of economic entities.
The work examines, in a microeconomic aspect, the theoretical approaches of the main representatives of neoclassical theory, such as A. Marshall, L. von Mises and other representatives, to the analysis of economic processes. The authors note the importance of limit analysis, which has not only theoretical but also practical significance. The work also examines the approaches of representatives of neoclassical theory to assessing the value and price of goods and economic resources. In the real economy, markets of imperfect competition predominate, which are characterized by their own characteristics that influence the economic behavior of firms in commodity and resource markets, as evidenced by the use of marginal analysis to substantiate the position of the authors. The article assesses the views of representatives of the neoclassical school on the differences between market and planned economies. Their approach to the process of economic monopolization is characterized.
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