INTERMEDIATE

Neoclassical Economics

MARCH 14, 2013

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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It's been 40 years since F. A. Hayek received his Nobel Prize. His insights, particularly on the distribution of knowledge and the impossibility of economic planning, remain hugely important today. In this issue, we look back on the influence of his work. Max Borders and Craig Biddle debate whether liberty must be defended from one absolute foundation, further reflections on Scottish secession, and how technology is already changing our world for the better--including how robots, despite the unease they cause, will only accelerate this process.
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