Neo-Classical

Neo-Classical
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ALFRED MARSHALL

A C PIGOU

W STANLEY JEVONS

At best, the period of the neo-classical school of economics can be described as the post Marx and pre Keynes era.

The neo-classical school of economics in essence tried to look at economics and social sciences with a limited view to addressing the problem of the distribution of wealth.

The major writers of this school were Marshall, Pigou and Jevons.

WHAT IS ECONOMICS ?

'Economics is a study of mankind in the ordinary business of life' Marshall

'The main motive of economic study is to help social improvement' Pigou

'Economics, is it is to be a science at all, must be a mathematical science' Jevons.

INDIVIDUAL NEEDS - The neo-classical school believed in individual needs. They were perceived as being a good thing.

GOVERNMENTS The neo-classical school believed in limited government intervention in the marketplace.

SOCIAL REFORM - The neo-classical school argued for a gradual reform process to bring about the correct status quo in society.

THE MARKETPLACE - The neo-classical school believed in a market place which was un-regulated. The logic was that a free flowing market place will both regulate price through supply and demand, as well as fulfill all the needs of everyone by rewarding accurately.

ANALYSIS - The neo-classical school of economics believed in presenting alternative arguments for possible policies, they did not believe in a single solution, but rather the possibility of several solutions and outcomes.

Much of the analysis carried out by the neo-classical school was based upon historical data.

ESSENTIAL FEATURES OF THE NEO-CLASSICAL SCHOOL OF ECONOMICS

Individual needs are a good thing.
Limited government intervention.
Felt an un-regulated market place will conduct itself in the correct manner to both balance the needs of everyone in society.
Gradual reform process.
Observed several potential solutions and outcomes to economic problems.

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