neoclassical economics
/ˌniː.oʊˈklæsɪk ˌiːkəˈnɒmɪks/ · ne·o·clas·si·cal ec·o·nom·ics
noun
- A school of economic thought that explains the allocation of resources, production, and distribution of goods and services through the interaction of rational agents in competitive markets, emphasizing marginal analysis and equilibrium. Neoclassical economics predicts that a rise in consumer income will shift demand curves and lead to new market‑clearing prices.
Synonyms
classical economicsprice theorymarginalist economicsmicroeconomic theoryWalrasian economicsrational choice economicsmarket economicsneoclassical theory
Antonyms
Did you know? The "neoclassical synthesis" of the mid‑20th century merged neoclassical micro‑foundations with Keynesian macro‑economics, shaping the dominant economic paradigm for decades.
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