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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.

The neoclassical 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.

The 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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