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.
New classical macroeconomics, sometimes simply called new classical economics, or monetarists, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics, especially rational expectations.