Neoclassical Economics A different historical narration

How was the term "Neoclassical Economics" introduced to economics and what thoughts does it indicate? Does the current use of this term conform with the original efforts of the founders of it? These are among the questions which have always drawn the attention of economists. The term "Neoclassical Economics" was primarily introduced to the modern economics by Veblen. What he meant by it was the marginalistic thoughts of late 19th century and early 20th century. Marginalists resorted to subjective preferences in order to escape from the theory of objective value of Classics. They had hoped to make the foundations of economics more scientific by putting objective value aside. Despite the early developments, the efforts became so abstract after a while that could be considered anything but a theory about human behavior. By reviewing the scientific existence of neoclassic economics in this paper, we will show how this school of thought was formed, what were its characteristics and what it became during the time. We will also show that the founders of this school of thought, despite what is mainly believed, didnt have an anti-historical and anti-institutional approach.