Neoclassical economic theory | Wikipedia audio article
Channel: wikipedia tts
Date: 31/12/2018

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Neoclassical_economics


00:01:03 1 Overview
00:03:25 1.1 Three central assumptions
00:06:49 2 Origins
00:08:49 3 The marginal revolution
00:13:40 4 Further developments
00:18:42 5 Criticisms
00:23:51 6 See also



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SUMMARY
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Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand. This determination is often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production, in accordance with rational choice theory.Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis which dominates mainstream economics today.Although neoclassical economics has gained widespread acceptance by contemporary economists, there have been many critiques of neoclassical economics, often incorporated into newer versions of neoclassical theory.