Economists have developed a logically consistent and empirically applicable theory of classical `natural prices' (also known as Marxian `prices of production)'. As I and others have repetitively demonstrated, such prices are inconsistent with supply and demand-based reasoning. Since the endowment of means of production is not taken as given in such theories, these theories are not about the allocation of given resources among alternative ends.

Over, the last century economists have extensively explored the logic of models in which given resources are allocated among alternative ends. Although such models might be of use to a central planner, they seem to be unable to describe prices in actually existing capitalist economies.

The development of these claims have been available in the scholarly literature for about a third of a century. They have not been refuted. Most mainstream economists just ignore this collapse of neoclassical economics, in their teaching, in their applied work, in policy advice, and in their research.