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Economics is the study of how scarce resources are utilized to
obtain the best possible outcomes. Neoclassical economics
is a branch of economics where the prices are determined by the demand and
supply models. It was developed at the end of the nineteenth century. In
Neoclassical Economics, the basis of prices determination is
the subjective preferences of individuals, contrary to the objective value
theory of classical economics. The three main underlying
axioms of the neoclassical method are methodological individualism,
methodological instrumentalism and methodological equilibration.
Based on the first axiom, the
entire phenomenon under consideration is focused at the individual level. Using
the methodological individualism, neoclassical economics
explains the linkages between micro agent and the phenomenon at the macro level.
Based on the second axiom, all the individual agents behave to maximize the
satisfaction of their preferences. The axiom of methodological equilibration
suggests the equilibrium behaviour of agents based on the above two axioms.
production function assumes constant returns to scale and
diminishing marginal products to each scale of production .The agents are
assumed to be of optimizing behaviour and they try to obtain the equilibrium
steady state growth path, based on the neoclassical models of growth.
The other assumptions in the model are perfect competition, complete information
and no externalities. The neoclassical economic growth models
predict a converging pattern for the per capita incomes of different countries
over time. Based on these models, high saving rates are needed for richer nation
to grow at the rate equal to that of a poorer nation due to the high
requirements of productivity of capital for the richer nation. Thus, changes in
factor endowments are the determining factors for a country's growth
performance, based on these models.
neoclassical economic theory argues for free markets
since markets when left alone without any intervention will efficiently allocate
resources, based on demand and supply models. Government intervention in the
market, according to this will lead to inefficient allocation of resources.
However, the notion of free market is subject to heavy critique. Critiques argue
that markets when left alone can be subject to market failures like moral hazard
and adverse selection effect due to the information asymmetry between the market
participants. Moreover, the assumption of consumers always making rational
decisions in a free market is also subject to heavy critique. Hence, according
to the critiques government intervention to some extent is needed for the
efficient allocation of resources.
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