Investopedia / Lara Antal Neoclassical economics is a broad theory that focuses on supply and demand as the driving forces behind the production, pricing, and consumption of goods and services.

This is where Kuhn’s theories are helpful for understanding economics. Neoclassical economics begins with the propositions that the economy is comprised of rational self-interested individuals ...

For more than a century, neoclassical theory dominated economic thinking. Neoclassical economics is a theory based on three key assumptions: individuals have rational preferences; individuals maximize ...

Over the last 40 years, business schools followed the siren call of neoclassical economic theory and steadily “disembedded” themselves from society to their detriment and to that of society.

Neoclassical economics is key to the story. Our guest, Ha-Joon Chang, joins us from the UK, where he teaches economics at the University of Cambridge. Economics: The User’s Guide is his latest book.

The 19th-century creators of neoclassical economics—the theory that now serves as the basis for coordinating activities in the global market system—are credited with transforming their field ...

Nonetheless, it is what neoclassical economics has been doing, with the support of the IMF and the World Bank. A market, operating without concern for fairness, is also devoid of a modicum of ...

The work of economists such as Friedrich von Hayek and Milton Friedman, who developed theories now known as monetarism or neoclassical economics, gained prominence. These theories proposed that ...

And as I worked in my own research, I showed that actually neoclassical economics a lot of times supports authoritarian regimes. So instead, the idea is that economics is based on social relations ...

Yet these assumptions often diverge sharply from the messy realities of economic life. Take the assumption of perfect competition. It’s a bedrock of neoclassical economic theory, claiming that no one ...