You are required to show a brief reflection on your perspectives on Neoclassical Economics?

What is Neoclassical Economics? Neoclassicism developed in the mid to late nineteenth century, roughly parallel to the emergence of economics as a professional academic discipline. The basic concepts, including marginal analysis, general equilibrium, rationality, price theory and utility were developed by a group of economicsts called the marginalists: Alfred Marshall (1842 - 1924), William Stanley Jevons (1835 - 1882), Carl Menger (1840 - 1921) and Leon Walras (1834 - 1910). It is safe to say that almost everything in a modern microeconomics texlibook is traced back or was inspired by one of these four scholars. Neoclassical economics is primarily concerned with the efcient allocation of limited productive resources. It also considers the growth of the resources in the long term. The growth will allow for expanding the production of goods and services. It emphasizes that market equilibrium is the key to an efcient allocation of resources. Thus, market equilibrium should be one of the primary economic priorities of a government. Neoclassical economics also developed studies about utility and marginalism. Utility measures the satisfaction received by consuming goods and services. It states that people's decision-making over consumption depends on their evaluation of utility. People allocate their incomes to maximize their levels of utility. Thus, utility is a key factor driving the value of a product or service. Marginalism explains the change in the value of a product or service with an additional amount. Combining the two concepts brings us to the "marginal utility." Marginal utility refers to the change in utility as a result of an increase in consumption. The law of diminishing marginal utility states that as the quantity consumed increases, the marginal utility decreases. The marginal utility can even turn negative beyond a certain level of quantity. Thus, the total utility maximizes at the quantity where the marginal utility equals zero. Neoclassical economics rests on three assumptions, although certain branches of neoclassical theory may have different approaches: 1. People have rational preferences between outcomes that can be identied and associated with values. 2. Individuals maximise utility and rms maximise prots. 3. People act independently on the basis of full and relevant information. From these three assumptions, neoclassical economists have built a structure to understand the allocation of scarce resources among alternative endsin fact, understanding such allocation is often considered the denition of economics to neoclassical theorists. Here's how William Stanley Jevons presented "the problem of Economics". Given, a certain population, with various needs and powers of production, in possession of certain lands and other sources of material: required, the mode of employing their labor which will maximise the utility of their produce. ill/Mam Stanley .19 none Reective Journal Example Last week's lecture presented the idea that science is the most powerful form of evidence [1]. My position as a student studying both physics and law makes this an important issue for me [2] and one I was thinking about while watching the 'The New Inventors' television program last Tuesday [3]. The two 'inventors' (an odd name considering that, as Smith (2002) says, nobody thinks of things in a vacuum) were accompanied by their marketing people. The conversations were quite contrived, but also funny and enlightening. I realised that the marketing people used a certain form of evidence to persuade the viewers (us?) of the value of the inventions [4]. To them, this value was determined solely by whether something could be bought or soldin other words, whether something was 'marketable'. In contrast, the inventors seemed quite shy and reluctant to use anything more than technical language, almost as if this was the only evidence required as if no further explanation was needed. This difference forced me to reect on the aims of this coursehow communication skills are not generic but differ according to time and place. Like in the 'Research Methodology' textbook discussed in the rst lecture, these communication skills are the result of a form of triangulation, [5] 1. Description of topic encountered in the course 2. The author's voice is clear 3. Introduces 'everyday' life expenence 4. The style is relatively informal, yet still uses full sentences 5. Makes an explicit link between 'everyday' life and the topic