The Neoclassical Paradigm

Erik Arnold ()

Chapter 1 in Competition and Technological Change in the Television Industry, 1985, pp 13-25 from Palgrave Macmillan

Abstract: Abstract The neoclassical tradition provides the orthodox analysis of capitalist and mixed economies in the developed countries of the West. Its roots in the earlier, classical economics are commonly traced to Adam Smith, whose legacy includes three items of particular importance: the consideration of markets comprising many, small sellers; the impersonality of the price-determining mechanism (the operation of the ‘invisible hand’); and the explanation of the behaviour of economic systems through the operation of individuals’ rationality. According to Blaug, the ‘marginal revolution’ in economic theory, from which the neoclassical analysis stems, shifted the focus of economics from macroeconomic issues of capital accumulation and population growth to microeconomics. The concern with macroeconomic issues reappeared with Keynes (Blaug, 1968, pp. 4, 303–4).

Keywords: Technical Change; Demand Curve; Profit Maximisation; Neoclassical Theory; Market Form (search for similar items in EconPapers)
Date: 1985
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-07492-1_2

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349074921

DOI: 10.1007/978-1-349-07492-1_2

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().