Abstract
Conventional microeconomic theory, founded and developed mainly by the neoclassical economists, contains some fundamental mistakes that lead economic theory to erroneous conclusions about how the economy operates and the results of this operation. Unfortunately, those mistakes have still remained after the neoclassical synthesis that came through the merger of Neoclassical and Keynesian economics (mainstream economics) and they are still taught in universities to this day. The correction of those mistakes brings about dramatic changes in the economic theory concerning price theory, perfect competition, income distribution, social welfare, and other major fields of economics. Below a brief analysis of those mistakes and an attempt to detect their probable causes is made. Also, a brief account of the dramatic changes brought about by the correction of these mistakes in the economic theory with their social and political implications is presented.
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