052. Economic theories: Neoclassical Economics
Update: 2025-09-26
Description
Neoclassical economics, emerging in the late 19th century, is the backbone of modern mainstream economics, emphasizing rational choice, marginal utility, and market equilibrium. Pioneered by Alfred Marshall, William Stanley Jevons, Carl Menger, and Leon Walras, it built on classical economics but introduced mathematical rigor and subjective value.
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