| Summary: | Economics started by being political economy. No wonder then, except for Marshall, that the firm as a subject of study has been somewhat neglected. This political bias remained prevalent in the profession until quite recently. In the beginning, the main efforts were spent on the study of aggregates, for example, industries, and what is regarded today as macro-economies and economic development. The excursions into micro-economies were brief and were oriented towards the making of special tools to meat particular situations. The micro-theories of the 1870's are still the backbone of our body of economic knowledge in that area, although again and again they have been criticized as false and based on outmoded psychology.
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