64 628
Assignments Done
99,1%
Successfully Done
In September 2018

Answer to Question #39508 in Other Economics for what are the weakness of neo classical theory in solving the classical theor

Question #39508
what are the weakness of neo classical theory in solving the classical theory?
Expert's answer
Neoclassical economics has come under critique on the basis of its core ideologies, assumptions, and other matters.
Neoclassical economics is sometimes criticized for having a normative bias. In this view, it does not focus on explaining actual economies but instead on describing a "utopia" in which Pareto optimality applies. In the opinion of some developers of an alternative approach, the purpose of neoclassical economics is "to demonstrate the social optimality if the real world were to resemble the model", not "to explain the real world as observed empirically".

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions