Bill Roth and Rep. Jack Kemp became believers in Mundell's practical application of classical economics' precepts.
Alfred Marshall, one of the fathers of neo-classical economics, distrusted mathematics for this very reason.
"Classical economics would suggest you just feel one way about risk, " Chen says.
Behavioral economics calls into question the central assumption of classical economics: that individuals are rational actors who seek to maximize their self-interest.
Classical economics was well into its second century before leaving God behind.
Soros is clearly channeling the arguments of Keynes and his circle, against the foundational principles of classical economics, and with the same fallacies.
The key insight of the Zurich team is that both nice "Homo socialis" and nasty "Homo economicus" (the selfish boogeyman who supposedly reigns in classical economics) can be promoted by evolution under particular circumstances.
Contrary to the tenets of classical economics, Simon maintained that individuals do not seek to maximise their benefit from a particular course of action (since they cannot assimilate and digest all the information that would be needed to do such a thing).
The weaknesses of neo-classical free market economics have been exposed by the credit super-cycle, whilst the likelihood of a return to Keynesian management is remote (not least because of existing burdens of debt and welfare commitments).
These differences sometimes defy the classical patterns and relationships of textbook economics.
It follows the classical liberal, or if you prefer, standard economics of taxation.
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Neo-liberalism is a term used by the left to describe the modern school of economics which attempts to move the world towards free-markets (classical liberalism) and away from various forms of central control.
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