The article discusses the scientific and practical validity of the neoclassical theory, which forms the basis of training courses in economic theory and institutional economics in accordance with the current Educational Standards of the Russian Federation. Critical analysis of the "supply economy" theory that emerged in line with neoclassicism as well as of the new institutional theory that absorbed practically all of neoclassical methodological principles is given. Neo-institutional interpretations of the basic economic categories are considered. [For the complete Volume 15 proceedings, see ED574185.]