Alp, Ömer
November 2011
Journal of Academic Studies;nov2011-jan2012, Vol. 13 Issue 51, p23
Academic Journal
Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory. The main goal of this paper is to criticize neo classical economic approach views within the framework of Marxist economy, Historical School and the Institutional economics approach.


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