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Cournot Marked the Turn from Classical to Neoclassical Thinking

Author

Listed:
  • Vernon L. Smith

    (Economic Science Institute, Chapman University)

  • Sabiou M. Inoua

    (Economic Science Institute, Chapman University)

Abstract

For classical economists, markets served the highest value buyers without anyone in the market needing to know that it was possible to write aggregate buyer reservation prices in the form, D = F (p). Cournot, thereby launched neoclassical economics as modelling and thinking of economic action in terms of their outcome effects, rather than their roots in human experience.

Suggested Citation

  • Vernon L. Smith & Sabiou M. Inoua, 2019. "Cournot Marked the Turn from Classical to Neoclassical Thinking," Working Papers 19-14, Chapman University, Economic Science Institute.
    • Handle: RePEc:chu:wpaper:19-14
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    File URL: https://digitalcommons.chapman.edu/esi_working_papers/272/
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    Cited by:

    1. Vernon L. Smith & Sabiou M. Inoua, 2019. "Classical Economics: Lost and Found," Working Papers 19-15, Chapman University, Economic Science Institute.

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    Keywords

    History of economic thought; micro theory; experimental economics;
    All these keywords.

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