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ClassicalReferring to the writings, models, and economic assumptions of the first century of economics, including Adam Smith, David Ricardo, and John Stuart Mill.Similar MatchesNeoclassical production functionNeoclassical production functionA production function with the properties of constant returns to scale and smoothly diminishing returns to individual factors. Neoclassical growth modelNeoclassical growth modelA model of economic growth in which income arises from neoclassical production functions in one or more sectors displaying diminishing returns to saving and capital accumulation. Due to Solow (1956) and Swan (1956). NeoclassicalNeoclassicalA collection of assumptions customarily made by mainstream economists starting in the late 19th century, including profit maximization by firms, utility maximizaiton by consumers, and market equilibrium, with corresponding implications for determination of factor prices and the distribution of income. Contrasts with classical, Keynesian, and Marxist. Neoclassical economicsNeoclassical economicsMost of modern, mainstream economics based on neoclassical assumptions. Tends to ascribe inevitability, if not necessarily desirability, to market outcomes. |
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