Neoclassical economics
The Austrian school, led by Eugen von Böhm-Bawerk, argues against the whole tradition of the LTV (see above) and prefers methodological individualism. Neoclassical economics also follows this lead  — and that of Jevons, Menger, and Walras — from the 1870s and discards the LTV in favour of General equilibrium theory, which determines prices based on the interaction of preferences, technology and endowments through supply and demand.