Importance The statement that the theory of neoclassical economics is unsatisfactory relies upon the artificial nature of principles of the apriori equilibrium of markets; inadequacy of the neoclassical axioms as a whole; impossibility to align micro- and macroeconomic approaches as part of the neoclassical theory. The issues ultimately relate to the neoclassical interpretation of the subject of economics, rather than being somewhat individuals defects. Objectives The research substantiates why the neoclassical interpretation of economics as a science is inappropriate, and discusses probable theoretical alternatives to the neoclassical theory of economics. Methods The research employs scientific and philosophical analysis of the economic theory and the appropriateness of the cost category. Results The denial of cost was proved to have no reasonable grounds in the process of the positivism revolution in science in the early 20th century. In the mean time, it should not debunk the previous concepts and the creation of the economic theory as a science from the very beginning. The return to the cost approach should not demolish the entire structure of the contemporary economic theory, but rather overhaul its basement. Conclusions and Relevance The neoclassical theory of economics has no unbiased measure (denial of cost) as the fundamental framework for its issues and problems. There is no scientific rationale for eliminating the cost. The return to the cost category shall mean a way back to the classical school of economics and specification of philosophical concepts of the economic theory.
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