NeoClassic » neoclassical economist

The Death of Neoclassical Economics

Neo — Thu, 22 Oct 2009 13:07:49 +0000

The fall of communism symbolized the triumph of capitalism and free market over protectionist economics. Resultantly, the world has experienced the concepts of free trade and free government pushed as the most effective means of combating and alleviating poverty, disease, and various plights suffered in greatest numbers in the least developed parts of the [...]

Opposing Government intervention in Economic Liberalism

Neo — Fri, 09 Oct 2009 13:05:50 +0000

Attempts to reform health care in the United States have always been met with profound skepticism by the average American. While in many European countries, public health care is viewed preferably or – at the least – less ominously, Americans view government intervention in developing health care programs as an affront to their freedoms. [...]

Neoclassical Economics Theory

Neo — Sun, 27 Sep 2009 13:03:26 +0000

The neoclassical economics theory has proven to be durable and the most popularly taught school of modern-day economics. The theories stressed in neoclassical economic teachings fit like a custom-made glove in a world that is increasingly globalized and democratized. Neoclassical economics theory focuses on the micro and individual level of the market, rather than [...]

Monetarism and Neoclassical Economics

Neo — Sun, 20 Sep 2009 13:01:29 +0000

“The Great Depression, like most other periods of severe unemployment,” wrote American economist Milton Friedman, “was produced by government mismanagement rather than by any inherent instability of the private economy.” Friedman’s early career was defined by his support of the Keynesian principles that embraced large-scale government intervention through spending in order to stimulate a [...]

Marshall and Neoclassical Economics

Neo — Wed, 16 Sep 2009 12:59:57 +0000

“It is common to distinguish necessaries, comforts, and luxuries,” wrote influential economist Alfred Marshall. “The first class including all things required to meet wants which must be satisfied, while the latter consist of things that meet wants of a less urgent character.” Marshall’s discernment between the various dimensions of the material economy – the [...]

Game Theory in Neoclassical Economics

Neo — Sun, 13 Sep 2009 12:58:28 +0000

The triumph of capitalism and the free market society was altogether unsurprising for neoclassical economists. The reason for this is because the individualistic and independent element of the free market best complements their views on human nature. On the whole, individuals are rational in always viewing situations with self-interest. As a result, humans are [...]

Marginal Utility in Neoclassical Economics

Neo — Fri, 11 Sep 2009 12:54:07 +0000

The concept of marginal utility arose as rejection of the labor theory of value that had previously been espoused by neoclassical economists. Economists such as Adam Smith taught that the classical labor theory of value argued that the value – or utility – of a commodity was determined by three important factors that went [...]

Keynesian Macro Concepts in Neoclassical Synthesis

Neo — Thu, 10 Sep 2009 12:52:39 +0000

“The difficulty lies not in the new ideas, but in escaping from the old ones,” wrote British economist John Maynard Keynes in his 1935 text The General Theory of Employment, Interest and Money. “As these old ideas ramify, for those brought up as most of us have been, into every corner of our minds.” [...]

Keynesian Theory in Neoclassical Economics

Neo — Wed, 09 Sep 2009 12:50:40 +0000

The story of the rise of Keynesian economics is fascinating. From the late 19th century onwards, neoclassical economics theory dominated the mainstream discourse of macro and microeconomics. Under the assumption that humans are rationale and their decisions are rooted in efforts to maximize the utility of their purchasing power, neoclassical economics theory stressed the [...]