color of law definition: nThe conduct of a police officer, judge, or another person clothed with governmental authority that, although it superficially appears to be within the individualâs lawful power, is actually in contravention of the law. For exampl...
What is 'Neoclassical Economics'. Neoclassical economics is an approach to economics that relates supply and demand to an individual's rationality and his ability to maximize utility or profit. Neoclassical economics also uses mathematical equations to study of various aspects of the economy.
The idea is that neoclassical econ is the dominant paradigm, and that the heterodox schools are competing paradigms that lost out, and were, to use Kuhn's terminology, simply read out of the profession...and subsequently ignored.. Well and good, but I have two problems with the way the term is used.