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a school of economic ideas based on the writings of MARSHALL, etc., that superseded CLASSICAL ECONOMIC doctrines towards the end of the 19th century Frequently referred to as the ‘marginal revolution’, neoclassical economics involved a shift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 ?
Neoclassical macroeconomics has made a second major
become characteristic of neoclassical macroeconomic theory.
The first is to identify the exogenous factors in economic theory, pursued in essays by Samuel Hollander on classical economics, Ernest Mandel on Marxist analysis, Keith Hartley on neoclassical microeconomics, and Arjo Klamer on neoclassical macroeconomics.