INTERMEDIATE

Neoclassical Economics

A dominant branch of economics which began during the “marginalist revolution.” Neoclassical economists used marginal analysis to study markets and non-Austrian neoclassical economists put special emphasis on market equilibrium prices. The models of the latter group assume that individuals attempt to maximize personal benefit at the margin. Early neoclassical economists include William Stanley Jevons, Léon Walras, Knutt Wicksell, Alfred Marshall, Carl Menger, and Thorstein Veblen. 

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