(redirected fromNeoclassical School) Encyclopedia neoclassical economics a school of economic ideas based on the writings ofMARSHALL, etc., that supersededCLASSICAL ECONOMICdoctrines towards the end of the 19th century Frequently referred to as the ‘marginal revolution’, neoclassical economics involved a...
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1.(Government, Politics & Diplomacy) a modern politico-economic theory favouring free trade, privatization, minimal government intervention in business, reduced public expenditure on social services, etc 2.(Economics) a modern politico-economic theory favouring free trade, privatization, minimal government...
Again, from the neoclassical perspective, this short-run scenario is only the beginning of the chain of events. The higher level of unemployment means more workers looking for jobs. As a result, employers can hold down on pay increases—or perhaps even replace some of their higher-paid work...
This may support the view that relevant advances in economic thought have taken place or (in the light of Professor Anghel Rugina's research and observations) may result in doubt about the basis and direction of current economic thought, especially in macroeconomics. However, Rugina's contribution...
38、to an unprecedented crisisAt the same time, the research paradigm of western macroeconomics has also realized the transformation from the traditional to the modern research paradigm based on the micro basis of macroeconomic issuesFor all thatWe still can not ignore the great contribution of neo...
The neoclassical growth model (NGM), a workhorse of modern macroeconomics, typically features a Cobb–Douglas production function with a constant labor share.[1] Recently however, a stream of literature has argued that labor’s share of output is steadily declining in the data. In this paper we...
Individuals' economic choices are ultimately based on the potential or expected value of a product. Assumptions of Neoclassical Theory Assumptions about the neoclassical study capture a broad range of economic factors from consumer perspective to supply and demand. The theory suggests that it is mainly...
F Meza,E Quintin - 《Advances in Macroeconomics》 被引量: 134发表: 2007年 Some Observations on the Great Depression[*]. Criticizes an article in the same issue which examines the Great Depression in the United States in the 1930s from the perspective of the neoclassical grow... Prescott,Edw...
Economic Equilibrium: It is a state or condition where all economical forces have a balance. Hence, variables(economic) remain unmoved or unchanged from the values of equilibrium in the case of the absence of external factors. It can also be referred to ...