Original sentence: One, exemplified by Hayek, while distrusting most neoclassical concepts (like macroeconomics), generally accepts the neoclassical formulations; the other, exemplified by the Ludwig von Mises Institute, seeks a different formalism for economics.The first primary area of contention between neoclassical theory and the Austrian school is over the possibility of consumer indifference — neoclassical theory says it is possible, whereas Mises rejected it as being “impossible to observe in practice”.The second major dispute arose when Mises and his students argued that utility functions are ordinal, and not cardinal; that is, the Austrians contend that one can only rank preferences and cannot measure their intensity, in direct opposition to the neoclassical view at the time
Edited sentence: One, exemplified by Hayek, while distrusting most neoclassical concepts (like the entire corpus of macroeconomics), generally accepts a large part of the neoclassical methodology; the other, exemplified by the Ludwig von Mises Institute, seeks a different formalism for economics.The main area of contention between the mainstream and the Austrian school is on their view of the market system as a process, not only to be studied using equilibrium models, but to be viewed as an incessant process that only tends toward a constantly changing equilibrium, this difference is the rot of the Austrian business cycles theory, the economic calculation debate and their different views of monopoly and competition.The second primary area of contention between neoclassical theory and the Austrian school is over the possibility of consumer indifference — neoclassical theory says it is possible, whereas Mises rejected it as being “impossible to observe in practice”.The third major dispute arose when Mises and his students argued that utility functions are ordinal, and not cardinal; that is, the Austrians contend that one can only rank preferences and cannot measure their intensity, in direct opposition to the neoclassical view at the time