The political underpinnings of mainstream microeconomics are examined by drawing on findings from the history of economic thought. By evaluating foundational concepts and notions, such as perfect competition, diminishing returns, and methodological individualism, it is argued that marginalist microeconomics exhibits several alarming features.

Earlier versions of this article were presented at the South Asian University (SAU) Economics Seminar on 13 October 2022 and at the Development Study Group,........

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