| 单词 | neoclassical economics |
| 释义 | neoclassical economics The approach in economics of analysing how individuals and firms should behave to maximize their own objective functions, assuming that activities are coordinated by the price mechanism, and that markets clear so that the economy is in equilibrium at all times. In this type of model, macroeconomics is largely a study of the growth of factor supplies, which determine real output, and of the effects on the price level of growth in the quantity of money. |
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