Neoclassical School financial definition of Neoclassical School
neoclassical economics (redirected from Neoclassical School)
Also found in: Encyclopedia
neoclassical economics a school of economic ideas based on the writings of MARSHALL, etc., that superseded CLASSICAL ECONOMIC doctrines towards the end of the 19th century Frequently referred to as the ‘marginal revolution’, neoclassical economics involved a shift in emphasis away from classical economic concern with the source of wealth and its division between labour, landowners and capitalists towards a study of the principles that govern the optimal allocation of scarce resources to given wants. The principles of DIMINISHING MARGINAL UTILITY and STATIC EQUILIBRIUM ANALYSIS were founded in this new school of economic thought.