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a school of economic ideas based on the writings of MARSHALL, etc., that superseded CLASSICAL ECONOMIC doctrines towards the end of the 19th century Frequently referred to as the ‘marginal revolution’, neoclassical economics involved a shift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 ?
Currently, the political dominance of neo-liberalism suggests economic aims which are dictated by the neo-classical economics that underpins neo-liberalism.
In the spirit of both traditions the book takes issue with orthodoxy, especially neo-classical economics, from its outset and seeks to present a heterodox alternative to business-as-usual analyses of the all and ever more important built environment.
As Khan writes, '[t]he heterodox authors or approaches reviewed in this chapter identify limitations of neo-classical economics as an adequate framework for understanding development' (76).
So complete is this discounting that the foundational models of neo-classical economics drop money altogether, replacing it with simple acts of barter (Keen, 2011, 357).
Exhibiting his brilliance and departure from neo-classical economics by placing emphasis on aggregate demand, Keynes soon came to become a contemporary and great economist in his own right--arguably, at the expense of Pigou and his social welfare approach to econometrics.
His snipping at neo-classical economics, his emphasis on hype and irrationality in economic development (pp.
McIntyre asserts that there is little division between neo-classical economics and contemporary human rights.
It presents a comprehensive overview of theoretical explanations offered by the classical political economy, Marx's analysis of capitalism, neo-classical economics, institutional economics, Keynesian economics, new classical economics, post Keynesian economics and neoliberalism.
I am reminded of Philip Mirowski's thesis concerning the politically conservative implications of neo-classical economics after World War II.
Neo-classical economics reinforces that perspective by combining herd size limits with efficient forestry management to ensure a sufficient supply of tree lichen.
New hope for Britain will be found when more of us abandoning secular relativism and neo-classical economics and embrace Christian morality and economics based on the "common good".
Critics of neo-classical economics have long complained that it treats human individuals as asocial atoms and that its understanding of the market is ludicrously mechanistic.