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I need some assistance with these assignment. neoclassical view of competition Thank you in advance for the help! Israel M. Kirzner (1997, p 63) states ‘Valiant attempts have been made to enrich the realism of these equilibrium microeconomic models by building into them assumptions acknowledging imperfections in competition. Nonetheless, the dominant trend has been to concentrate upon models of competitive equilibrium that is upon models in which both prices and product/resource qualities are taken as given to each decision-maker, and as being independent of the decisions made.’

Since the technology, preferences, the choice set and the variety, as well as the number of goods, are known values, Neoclassical in economics helps in providing a better-defined solution for problems pertaining to resource allocation. According to some schools such as the Austrian school, Neoclassical economics has certain intrinsic problems. One of them is that neoclassical economics uses general assumptions for a better understanding of central planning solutions. However, neoclassical economists do not give enough importance to maximizing decisions. Rather, neoclassical economists make general assumptions about the market. This approach of neoclassical economics which undermines the contribution of the entrepreneur is sometimes harshly criticized by schools such as Keynesian economics and the Austrian school. Israel M. Kirzner (1997, p 64) argues ‘Modern presentations of the entrepreneurial discovery approach have echoed these criticisms of equilibrium economics, and have deployed these criticisms in seeking to demote the concept of perfect competition from its position of dominance in modern neoclassical theory, in order to replace it by notions of dynamic competition (in which market participants are, instead of exclusively price takers, competitive price-and quality-makers). Within the two broad bases for Austrian (as well as for non-Austrian) criticism, several strands of difficulty with the neoclassical competitive equilibrium paradigm may be distinguished.