Economist Ha-Joon Chang explains why the school of Neoclassical economics that rose in the 19th/early 20th century – now today’s dominant school of economics – decided they wanted to be ...

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 ...

The Origins of Neoclassical Economic Theory In economics textbooks, the 19th-century creators of the economic theory now used by mainstream economists (Stanley Jevons, ...

John Facella’s inspirational column, “Patriotism not limited to one party, so stop throwing stones,” May 1, led me to read the recommended conservative icon Thomas Sowell, who asked, “What ...

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.

In what academics call neoclassical economics, human beings are largely rational, self-interested decision-makers. This stereotypical human, often referred to as Homo economicus, is a creature of ...

The work was so groundbreaking that in 2021, Card won a Nobel Prize in economics for studies including this one, an honor that Krueger unfortunately did not live to see. The reason that the class ...

Economist Ha-Joon Chang says there are political assumptions in any economic theory; what makes Neoclassical economics different is that its proponents will tell you that their analysis is ...