Mainstream Economics, also known as orthodox economics, refers to the dominant approaches including neoclassical and Keynesian economics that shape contemporary economic thought and policy.
Neoclassical Economics focuses on the analysis of economic activity based on the premises that all agents have rational preferences, consumers maximize utility, firms maximize profit, and all choices account for relevant constraints.
Orthodox Economics comprises the dominant or mainstream economic theories, with a primary focus on Neoclassical Economics. It includes various models and approaches essential for understanding market dynamics and consumer behavior.
In economics, a state of a dynamic economy where certain characteristics do not change over time. In neoclassical economics, this is the state with a constant capital-labor ratio. This implies that per capita quantities of output and consumption are also constant, whereas the levels of capital stock, output, and consumption in the steady state grow at the rate of population growth.
Neoclassical Economics is a school of economic theory that flourished from about 1890 until the advent of Keynesian Economics. It asserted that market forces always would lead to efficient allocation of resources and full employment.
A comprehensive exploration of exogenous growth, a key tenet of neoclassical economic theory emphasizing growth driven by technological progress independent of economic forces, and its comparison with endogenous growth theory.
An in-depth look at how neoclassical economics links supply and demand to individual consumer perceptions of value, rather than production costs.
