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Review of Radical Political Economics
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A Response to Guerrien and Benicourt

Karl E. Case

Department of Economics, Wellesley College, Wellesley, MA 02481, kcase{at}wellesley.edu

This response is a defense of neoclassical economics. Neoclassical economics contains more than the perfectly competitive model: much of it concerns the problems of market failure including public goods, externalities, imperfect structure, and asymmetric information. The article acknowledges that economic models are abstract, but argues that abstraction can be useful, and that full-blown utility theory is not required to gain insights from the concepts. Neoclassical economics helps us understand how the world works.

Key Words: microeconomics • neoclassical • perfect competition • preferences • utility

This version was published on September 1, 2008

Review of Radical Political Economics, Vol. 40, No. 3, 331-335 (2008)
DOI: 10.1177/0486613408320324
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