Essay from the year 2016 in the subject Economics - Macro-economics, general, course: Economics, language: English, abstract: The neoclassical school has two founding members WS Jevons and L. Walras, who wrote their key projects in the 1870s. The difference made by the neoclassical school in relation to the classical school is that it uses the principles of utilitarianism of the human nature in the sphere of economy. The man is a rational person looking for the maximum satisfaction of his/her needs, for getting the maximum utility by directing his/her actions towards the increase of his/her pleasure and the reduction of his/her pain. Thus, for the neo-classical economists, the consumer seeks the combination of goods that maximizes the utility derived from consumption and the producer seeks to maximize profits, while each individual chooses the combination of work and leisure that maximizes his/her satisfaction. Also, they argue that the value of goods results from the satisfaction they provide and not from the work they incorporate as the classical economists believed. From the text: - the market failure to achieve efficiency and justice; - imperfect competition; - equality of power; - external consequences
Author Biography
Born in Athens, Greece, I studied economics, agricultural policy analysis, marketing and communication with new technologies and human resources management (BSc, MSc, DProf). I am an author of more than 40 books specialized in economics, accountancy and management. I have been an MBA lecturer for 19 years and I have taught more than 800 students and seminar attendants. I have worked as a Manager at Microsoft and other IT and Telcom companies. I am a registered consultant on entrepreneurship and innovation of European Union for small and medium enterprises and certified by Chartered Institute of Marketing. An active blogger, I write about economics at mastroyanni.blogspot.com. My articles have been published at numerous magazines, newspapers and blogs. About me and my books you may read at my blog: http: //mastroyanni.blogspot.gr
