Economics Dictionary of ArgumentsHome
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| Neoclassical economics: Neoclassical economics is a school of economic thought that emerged in the late 19th century. It is based on the principles of rational choice, marginalism, and general equilibrium. Neoclassical economists believe that markets are the most efficient way to allocate resources and that government intervention should be minimized. See also Efficiency, Markets, Equilibrium, Interventions, Liberalism, Rational Choice._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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John Maynard Keynes on Neoclassical Economics - Dictionary of Arguments
Mause I 56f Neoclassical Theory/Keynes: Keynes differed from Neoclassicism not only in his view that markets were not necessarily efficient, but also in that he attributed real effects to money. According to his liquidity preference theory, interest is a monetary phenomenon, not a real one as in Neoclassicism. Interest rates are therefore mainly determined by money supply and demand - less by real factors such as capital supply and demand. For this reason, monetary policy can influence real variables (such as the level of investment) via the level of interest rates. (1) >Interest rates, >J.M. Keynes, >Keynesianism, >Demand for money, >Money supply, >Monetary policy. 1. Cf. J. M. Keynes, The general theory of employment, interest and money. London 1936._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
EconKeyn I John Maynard Keynes The Economic Consequences of the Peace New York 1920 Mause I Karsten Mause Christian Müller Klaus Schubert, Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018 |
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> Counter arguments in relation to Neoclassical Economics
