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 welfare definition of economics is an attempt by Alfred Marshall, a pioneer neoclassical economist, to redefine his field of study. This definition expands the field of economic science to a larger study of humanity. Specifically, Marshall's view is that economics studies all the actions that people take in order to achieve economic welfare. In the words of Marshall, man earns money to get material welfare. This is why economists since Marshall have described his definition as the welfare definition of economics. This definition enlarged the scope of economic science by emphasizing the study of wealth and humanity together, rather than wealth alone.