Influenced by classical economic theory, neo-classical theory developed after World War II in opposition to the Cambridge School. It focuses on micro-economic theory and explores the conditions of static equilibrium.
Neo-classical theory is essentially concerned with the problems of an economy enjoying equilibrium at full employment.
The neo-classical theory is also concerned with savings-determined investment, marginal utility and marginal rates of substitution.
Leading adherents and developers of the theory were John Bates Clark (1884-1963), Francis Edgeworth (1845-1926), Irving Fisher (1867-1947), Alfred Marshall (1842-1924), Vilfredo Pareto (1848-1923), Leon Walras (1834-1910), and Knut Wicksell (1851-1926).
Also see: neo-classical growth theory
Source:
J F Henry, The Making of Neoclassical Economics (London, 1990)
Neoclassical or neo-classical may refer to:
- Neoclassicism or New Classicism, any of a number of movements in the fine arts, literature, theatre, music, language, and architecture beginning in the 17th century
- Neoclassical architecture, an architectural style of the 18th and 19th centuries
- Neoclassical sculpture, a sculptural style of the 18th and 19th centuries
- New Classical architecture, an overarching movement of contemporary classical architecture in the 21st century
- in linguistics, a word that is a recent construction from New Latin based on older, classical elements
- Neoclassical ballet, a ballet style which uses traditional ballet vocabulary, but is generally more expansive than the classical structure allowed
- The “Neo-classical period” of painter Pablo Picasso immediately following World War I
- Neoclassical economics, a general approach in economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand
- Neoclassical realism, theory in international relations
- Neo-classical school (criminology), a school in criminology that continues the traditions of the Classical School within the framework of Right Realism
- Neo-classical theology, another name for process theology, a school of thought influenced by the metaphysical process philosophy of Alfred North Whitehead
- Neoclassical transport is an effect seen in magnetic fusion energy reactors
Pretty nice post. I just stumbled upon your weblog and wished to say that I’ve really enjoyed surfing around your blog
posts. After all I will be subscribing to your feed and I
hope you write again very soon!
Hello there, simply changed into alert to your blog through Google, and found that it is really informative. I’m going to watch out for brussels. I’ll appreciate if you happen to continue this in future. Lots of other people will probably be benefited from your writing. Cheers!