Trusted by Students Everywhere
Why Choose Us?
0% AI Guarantee

Human-written only.

24/7 Support

Anytime, anywhere.

Plagiarism Free

100% Original.

Expert Tutors

Masters & PhDs.

100% Confidential

Your privacy matters.

On-Time Delivery

Never miss a deadline.

What is the difference between classical and neoclassical economics?

Business Dec 10, 2020

What is the difference between classical and neoclassical economics?

Expert Solution

Classical economics is a school of thought in economics, which was established between the 18th and 19th centuries. The critical objective under classical economics was to transit from monarchy rule to capitalism. On the other hand, neoclassical economics focused on the supply and demand for products and services. Classical economics uses the cost of production as the main factor determining the levels of prices while neoclassical economics use product value as the main factor to determine price levels. Additionally, neoclassical economies take the demand and supply factors as the main factors for even distributing resources. Moreover, classical economics is focused on political freedom compared to neoclassical economics, which indulges consumption.

Archived Solution
Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In
Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution
Get Custom Quote
Secure Payment