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Cournot Marked the Turn from Classical to Neoclassical Thinking


  • Vernon L. Smith

    () (Economic Science Institute, Chapman University)

  • Sabiou M. Inoua

    (Economic Science Institute, Chapman University)


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.

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  • 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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    History of economic thought; micro theory; experimental economics;

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