dec 24, 1900 - Neoclassical economics coined
Description:
- Popular form of economics throughout the 20th century & still the most widely taught form today
- Established by Jevons, Menger, and Walras
- Relates supply & demand to indivudal's rationality and ability to maximise utility or profit
- Consumers #1 concern is maximising personal satisfaction
- Competition leads to efficient allocation of resources w/i an economy, establishing market equillibrium between supply and demand
- Concept of perceived price (vs Classical economics which says value = cost of materials + cost of labour)
Added to timeline:
History of economic theory
Date:
