ABSTRACT
Neoclassical economics is a sympathetic evolution of the English Classical School. Included under neoclassical economics is the English–American version in Frank W. Taussig and Marshall and also the Austrian school, whose differences are not as important as the resemblances to the Anglo–American type. The supply curve of the factor is the thing that the Austrians left out and which the English stress as the most important for the long run. The long-run cost curve would presumably be the long-run supply curve. Most economists would draw the average direct cost curve as having a slightly negative inclination at the start. There are internal technological economies of large-scale production. The hedonistic philosophers did not care to apply the utility theory to economic price theory. The psychologists have not been enthusiastic about the economic law of diminishing utility. The neoclassical economist is discussing wholesale markets. The kind of market helps to determine the price, whether the market is competitive or monopolistic.
