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.
That question, although not the central thesis of our analysis today, is an important starting point. A science, loosely defined, is a discipline that builds knowledge through observation and experimentation to explain naturally occurring phenomena. Now pick up any introductory Economics textbook, and they will tell you that modern economics is concerned with the âefficient allocation of scarce resourcesâ. As most of you will attest to, this relies on a market mechanism, and mutually beneficial trade. So far, economics looks nothing like science.