color of law definition: nThe conduct of a police officer, judge, or another person clothed with governmental authority that, although it superficially appears to be within the individualâs lawful power, is actually in contravention of the law. For exampl...
What is 'Neoclassical Economics'. Neoclassical economics is an approach to economics that relates supply and demand to an individual's rationality and his ability to maximize utility or profit. Neoclassical economics also uses mathematical equations to study of various aspects of the economy.
Normative Economics. Economists like to distinguish between Positive Economics and Normative Economics. Positive Economics describes how things work. For example, if prices go up, demand will go down. Normative Economics describe what should be. Normative Economics seeks an ideal economic system. When I was training in economics, my teachers all preferred to concentrate on Positive Economics.