Definitions

1. Neoclassical economics is the grouping of a number of schools of thought in economics. (Web site)
2. Neoclassical economics is the singular element of several schools of thought in economics. (Web site)
3. Neoclassical economics is the singular element[ clarification needed] several schools of thought in economics address.
4. Neoclassical economics is the dominant form of economics used today, and is the main source of theory for mainstream economists.
5. Neoclassical economics is the dominant form of economics used today and has the highest amount of adherents among economists.

Modern Economics

1. Neoclassical economics represents the main body of modern economics.

Behavioral Economics

1. Faruk Gul and Wolfgang Pesendorfer, of Princeton University, defend neoclassical economics against behavioral economics.

Neoclassical Economists

1. What heterodox economists are really challenging isn't neoclassical economics but the political behavior of neoclassical economists. (Web site)

American Economics

1. The interwar period in American economics has been argued to have been pluralistic, with neoclassical economics and institutialism competing for allegiance. (Web site)

Neoclassical Synthesis

1. Post-Keynesian economists on the other hand, reject the neoclassical synthesis, and more generally, neoclassical economics applied to the macroeconomy. (Web site)

Book Debunking Economics

1. Keen's full-range critique of neoclassical economics is contained in his book Debunking Economics [ 4].

Modern Mainstream Economics

1. Modern mainstream economics is primarily a further refinement of neoclassical economics. (Web site)

Marginal Changes

1. Neoclassical economics usually assumes that marginal changes are infinitesimals or limits. (Web site)

Modern Neoclassical Economics

1. He criticizes both modern neoclassical economics and (much of) marxian economics as inconsistent, unscientific and empirically unsupported. (Web site)

Origins

1. Strangely enough, the origins of neoclassical economics in mid-19th century physics were forgotten. (Web site)

General

1. In general, allegedly overly unrealistic assumptions are one of the most common criticisms towards neoclassical economics. (Web site)

Framework

1. The framework of neoclassical economics is easily summarized. (Web site)

Difference

1. The difference was that Austrians rejected neoclassical economics use of cardinal utility, arguing that only ordinal utility was praxeologically valid. (Web site)

Solutions

1. Neoclassical economics emphasizes equilibria, where equilibria are the solutions of agent maximization problems. (Web site)

World War

1. But this increase in mathematics was accompanied by greater dominance of neoclassical economics in Anglo-American universities after World War II. (Web site)

Choice

1. Unsurprisingly, neoclassical economics does not portray the choice facing working class people in such a realistic light. (Web site)

Founders

1. Along with Kenneth Arrow, Samuelson is considered one of the founders of modern neoclassical economics.

Principles

1. Carl Menger's 1871 book, Principles of Economics, is considered one of the crucial works that began the period known as neoclassical economics.

Profit

1. This reversed the direction of causality that neoclassical economics assumed between the rate of profit and the amount of capital.
2. In neoclassical economics, economic profit, or profit, is the difference between a firm's total revenue and its opportunity costs. (Web site)

Production

1. One major difference is that in neoclassical economics the average cost of production is not independent of the quantity produced.

Distinction

1. I don't find the distinction (that some previous author drew) between "neoclassical economics" and the "Austrian economists" to be as strong as suggested. (Web site)

Capitalism

1. Neoclassical economics explain capitalism as made up of individuals, enterprises, markets and government. (Web site)
2. Neoclassical economics Today, most academic research on capitalism in the English-speaking world draws on neoclassical economic thought.

Claim

1. Naturally, many claim that neoclassical economics (as well as other branches of economics) has not been very good at predicting events.
2. The book begins with the claim of neoclassical economics that a rational agent maximizes utility. (Web site)

Critics

1. Critics have asserted and documented the elimination of land as a factor of production by neoclassical economics.

Development

1. Samuelson is considered to be one of the founders of neo-Keynesian economics and a seminal figure in the development of neoclassical economics. (Web site)

Paradigm

1. This paradigm, which in contrast to neoclassical economics, question the unlimited wants of consumers for goods and service. (Web site)
2. Socio-economics is proposed as a paradigm to replace neoclassical economics.

Adam Smith

1. In this view, neoclassical economics is a development of certain exoteric (popular) views in Adam Smith. (Web site)
2. The core of classical mainstream economics represented by William Petty and Adam Smith differed from neoclassical economics in two aspects.

Game Theory

1. Neoclassical economics and game theory are both entirely mathematized, a result of the elegant models upon which they base their calculations.

Developed

1. The physics that the creators of neoclassical economics used as the template for their theories was developed from the 1840s to the 1860s.

Mathematical Models

1. This is because he rejected the technical analyses and mathematical models of neoclassical economics as being divorced from reality. (Web site)

Keynesian Economics

1. After World War II, Paul Samuelson used the term neoclassical synthesis to refer to the integration of Keynesian economics with neoclassical economics.

Classical Economics

1. Origins of neoclassical economics Classical economics, developed in the 18th and 19th centuries, focused on value theory and distribution theory.
2. The first position is that neoclassical economics is essentially continuous with classical economics. (Web site)

Macroeconomics

1. The mainstream economic paradigm is a combination of neoclassical economics and macroeconomics called the neo-classical synthesis.

Keynesian Macroeconomics

1. The mainstream economic paradigm is a combination of neoclassical economics and Keynesian macroeconomics.

Terms

1. Neoclassical economics later reconstructed utility in terms of ordinal utility. (Web site)

Important Change

1. Further developments An important change in neoclassical economics occurred around 1933.

Whole Economy

1. The first attempt in neoclassical economics to model prices for a whole economy was made by Léon Walras. (Web site)

Labor

1. Neoclassical economics continued the distinction of land, labor, and capital. (Web site)

Neoclassical Theory

1. Perspectives are presented as a critique of neoclassical economics by providing an appraisal of neoclassical theory and developing an alternative.

Scarcity

1. It also protrays the underlying condition of scarcity and unlimited wants, that are paramount for neoclassical economics. (Web site)
2. The focus on scarcity continues to dominate neoclassical economics, which, in turn, predominates in most academic economics departments. (Web site)

Production Possibility Curve

1. Alternative schools of economics that question these simple assumption of neoclassical economics has less use for the production possibility curve. (Web site)

Value

1. In contrast, Neoclassical economics regards the incomes constituting added value as the reward for services rendered. (Web site)

Classical

1. To scholars promoting this view, there is no hard and fast line between classical and neoclassical economics. (Web site)

Thought

1. Important schools of thought are Classical economics, Marxian economics, Keynesian economics, Neoclassical economics and New classical economics.
2. In neoclassical economics the price of a good on a free competitive market is thought to be determined by the forces of supply and demand.

Mainstream

1. It is usually carried out within the framework of mainstream neoclassical economics.
2. The Austrian belief in it, compared to mainstream neoclassical economics, is strong.
3. Separate from mainstream or neoclassical economics, which underlies most of the assumptions and techniques described in this entry, is heterodox economics. (Web site)

Economic Theory

1. Buzzcut: I get the impression you equate straight line neoclassical economics with economic theory as it now stands. (Web site)

Categories

1. Classical Economics
2. Encyclopedia of Keywords > Society > Economics > Marginalism
3. Rationality
4. Society > Economics > Macroeconomics > Keynesian Economics
5. Business > Marketing > Markets > Perfect Competition

Related Keywords

* Austrian School * Criticisms * Economic * Economics * Economists * Economy * Marginalism * Marginal Cost * Perfect Competition * Rationality * Theory

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