Neoclassical economics links supply and demand to the individual consumer's perception of a product's value rather than the cost of its production.

We recently published a study in World Development that shows – using real coffee transaction data — how most of the economic ...

Neoclassical economics begins with the propositions that the economy is comprised of rational self-interested individuals (consumers and firms) who maximise their utility through voluntary ...

Nonetheless, back in the mid-19th century, Jevons was pioneering the use of math and statistics in economics, charting the way for what would become known as neoclassical economics, which would ...

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.

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 ...

It is neoclassical economics’ gift to us all. If we were to punish corporations for their crimes, the legal system would slow down fast. Executives’ families would have to move to our ...

Speaking at the recent Rothbard Graduate Seminar, Dr. Joseph Salerno traces Murray Rothbard‘s intellectual development while in the economics Ph.D. program at ...

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 ...

Today’s neoclassical economics focuses on growth at all cost, relying on the trickledown theory to indirectly lift the impoverished masses in the long run. This does not inspire much hope!

Neoclassical economic theory suggests that sustainable economic growth is achieved by effectively managing three key factors: labor, capital, and technology.