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a school of economic ideas based on the writings of MARSHALL, etc., that superseded CLASSICAL ECONOMIC doctrines towards the end of the 19th century Frequently referred to as the ‘marginal revolution’, neoclassical economics involved a shift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.
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A clear and succinct distinction between the Austrian school and the dominant neoclassical school can be written without long historical explanations and origin stories.
Research Handbook on Austrian Law and Economics
In fact, most Neoclassical economists would argue that there is little in the manner of a fixed doctrine or dogma in the Neoclassical school. Just about everything is subject to questioning, change or evolution.
Contending Perspective in Economics: A Guide to Contemporary Schools of Thought
The first part deals with heterodox challenges to the mainstream view of development; the second part is about challenges to the mainstream view of development from within the mainstream neoclassical school; the third part summarises the 'neo-classical counter-challenge'; and the fourth presents the challenges to 'Neo-liberalism'.
Shahrukh Rafi Khan. A History of Development Economics Thought: Challenges and Counter-challenges
And that is a pressing argument against the neoclassical school of thought in Economics that strives to achieve a "natural equilibrium" and economic efficiency.
JANEWAY, William H.; Doing Capitalism in the Innovation Economy: Markets, Speculation and the State
Drawing on neoclassical price theory, one school (referred to as the neoclassical school) sees little, if any, difference between arrangements involving dual distribution and a conventional channel of distribution.
Dual distribution restraints: insights from business research and practice
Following the marginalist revolution, the Austrian school took a different direction to the dominant neoclassical school by emphasizing risk and dynamic change.
Modern Political Economics: Making Sense of the Post-2008 World
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.
Mark D. White and Irene van Staveren (eds): Ethics and Economics: New Perspectives
The first part of the book explains the chasm between the dominant neoclassical school of economics and the Austrian school.
The Privatization of Roads and Highways: Human and Economic Factors
The neoclassical school of economics argues that an aging population should depress the return on capital.
China's aging problem: limited options, ominous risk
According to the neoclassical school, people make choices based on a rational calculation of what will serve them best.
Let there be markets: the evangelical roots of economics
The only real challenge to the domination of the neoclassical school was the increasingly popular work of Keynes.
A Perilous Progress: Economics and Public Purpose in Twentieth Century America
There, visitors could truly venerate this Spanish master, whom Manet called "the greatest painter there has ever been." 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.
Spanish paintings' influence on French artists. (Museums Today)

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