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Neoclassical economics is often criticized for having a normative bias despite sometimes claiming to be "value-free". [45] [46] Such critics argue an ideological side of neoclassical economics, generally to argue that students should be taught more than one economic theory and that economics departments should be more pluralistic. [47] [48]
The ecological critique focuses on mindless "production for production's sake", attacking both the neoclassical notion and the Marxist concept of "productiveness". It is argued neoclassical economics can understand the value of anything (and therefore the costs and benefits of an activity) only if it has a price, real or imputed.
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics , especially rational expectations .
Adherents of neoclassical economics, the mainstream school of economics, employ the theory of marginalism, which holds that the market value (price) of any good or service is heavily influenced by how many of a given item satisfies any given consumer in the market. [1]
The Corruption of Economics is a 1994 book by Mason Gaffney and Fred Harrison, containing a critique of neoclassical economics and an account of the alleged suppression of the economic ideas of Henry George.
The neoclassical synthesis is a macroeconomic theory that emerged in the mid-20th century, combining the ideas of neoclassical economics with Keynesian economics. The synthesis was an attempt to reconcile the apparent differences between the two schools of thought and create a more comprehensive theory of macroeconomics.
A good economic theory should be built on sound economic principles tested on many free markets, and proven to be valid. However, empirical facts have been alleged to indicate that the principles of economics hold only under very limited conditions that are rarely met in real life, and there is no scientific testing methodology available to ...
New Institutional Economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions (that is to say the social and legal norms and rules) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics.