ABSTRACT
While it might not be possible to confront neoclassical theory by criticizing the maximization hypothesis, its main essential element, internal criticisms are still not ruled out. But internal criticisms of maximization are very difficult since too often utility as the objective of maximization is not directly observable. Are there any ancillary aspects of maximization that can be critically examined? Perhaps if there are, we can find them in the views that Marshall developed in his famous book Principles of Economics [1920/49]. Marshall, I now think, had a clear understanding of the limitations of what we know as neoclassical economics. Recognized limitations would seem to be a good starting point for a critical examination of neoclassical economics.
