Short Notes: Neoclassical Economics
Posted by Ripon Abu Hasnat on Tuesday, May 27, 2014 | 0 comments
Neoclassical
economics is the dominant approach to economics currently taught and practiced
in most of the world (and especially dominant in Anglo-Saxon countries). It attempts to explain the behavior of the
economy on the basis of competitive, utility-maximizing behavior by companies,
workers, and consumers. Their actions in
the markets for both factors of production and final products will ensure that
all available resources are fully utilized (that is, the economy is
supply-constrained) and every factor is paid according to its productivity.
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