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.
Definition of Normative Economics. The economics that uses value judgements, opinions, beliefs is called normative economics. This branch of economics considers values and results in statements that state, âwhat should be the thingsâ. It incorporates subjective analyses and focuses on theoretical situations.