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.
Read More. in distribution theory: Components of the neoclassical, or marginalist, theory. The basic idea in neoclassical distribution theory is that incomes are earned in the production of goods and services and that the value of the productive factor reflects its contribution to the total product.