neoclassical economics

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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a school of economic ideas based on the writings of MARSHALL, etc., that superseded CLASSICAL ECONOMIC doctrines towards the end of the 19th century Frequently referred to as the ‘marginal revolution’, neoclassical economics involved a shift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.
References in periodicals archive ?
In fact, most Neoclassical economists would argue that there is little in the manner of a fixed doctrine or dogma in the Neoclassical school.
In addressing the nature and implications of dual distribution, the neoclassical school contends that "[i]n general, a manufacturer's presence at the dealer level merely changes the identity of one of the dealerships without altering price, output, or other significant economic variables.
Following the marginalist revolution, the Austrian school took a different direction to the dominant neoclassical school by emphasizing risk and dynamic change.
A central theme in the book, the desirability of reinstating the entanglement of fact, value and theory that existed widely before the dominance of the neoclassical school, is particularly important in a world economy still struggling to cope with the global financial crisis.
The first part of the book explains the chasm between the dominant neoclassical school of economics and the Austrian school.
The neoclassical school of economics argues that an aging population should depress the return on capital.
According to the neoclassical school, people make choices based on a rational calculation of what will serve them best.
The only real challenge to the domination of the neoclassical school was the increasingly popular work of Keynes.
The exceptional realism of Velazquez's paintings was that these young artists sought as an antidote to the Renaissance ideals espoused by the Neoclassical school and advanced at the French Academy.
He argues that Hume, not Smith, founded the neoclassical school of economics and that this school, later developed by writers such as Sir John Hicks and Paul A.
However, this should not mean that, as the neoclassical school suggests, group tastes and values are fabricated in the same sense as are tables and computers.
Having outlined the basic framework of the Catholic position, several points of comparison with the neoclassical school can be noted.