Abstract
The analyses thus far undertaken of cost theory and utility theory have viewed these doctrines as they originally were, namely, as the contentions of two conflicting groups of value theorists. And had the two rival groups been allowed to continue to match strength on the plane on which Macvane, for example, contended, the result would probably have been the destruction of them both. Underneath surface conflicts, however, the rival theories had much in common. As the twentieth century got under way, this state of affairs was discerned, with the result that in the end there was hand-shaking and backslapping all around and the inauguration of a live-and-let-live policy. Although at first regarding each other as mortal enemies, these two groups of price-determination theorists later came to see in one another something resembling blood kinship. But are the underlying assumptions which classicism and neoclassicism have in common any more realistic and scientific than the specific assumptions already examined? This is a question to which we now turn.