Neoclassical Economics
Neoclassical Economics refers to a school of economic thought that emphasizes individual rational decision-making, the efficiency of markets, and the importance of supply and demand in determining prices. It is based on the principles of classical economics, but incorporates mathematical and statistical methods to analyze economic behavior and outcomes. Neoclassical economists believe that individuals act in their own self-interest to maximize utility, and that competition among firms leads to optimal resource allocation and economic growth.