A Disclosure on A Model of the Entrepreneur-Centered Economy
Despite its elegance and beauty, the neoclassical model [see Debreu, 1959] has long been a subject of dissension. Critics of the Model are concerned (for example), with (1) its reticence on the raison d’etre of the firm and the boundary between the firm and market, (2) whether this equilibrium model is capable of dealing with the ever changing market and (3) its ability to discern whether econmic development is driven by technological change or by market extension. The standard neoclassical model’s inability to deal with these issues can be seen readily by reminding the reader how the market economy is perceived by the neoclassical economist.
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|Date of revision:||26 Aug 1996|
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