Definition of Mainstream economics:
Mainstream economics is a term used to describe schools of economic thought considered to be orthodox. Many of the underlying categories within and concepts central to mainstream economics are readily taught at universities.
Non-heterodox or unorthodox economics originating in the late 1900s using mainstream mathematical models to analyze economic development and an assumption that individuals are rational and that their behavior is governed by a desire for their personal benefit.
Many of the underpinning models and beliefs are based on concepts that involve economic scarcity, the role of governmental regulation, or other action in effecting an actor's decision, the concept of utility, and the idea that people are rational actors who will make decisions that are based purely on available information and not emotion.
How to use Mainstream economics in a sentence?
- Mainstream economics refers to the orthodox or neoclassical tradition of economics, in which markets are moved by an invisible hand and all actors are rational.
- Because they do not take the actual, irrational nature of markets and individuals into consideration, mainstream economics theories are increasingly being replaced by emerging fields of study.
- The origins of mainstream economics lie in the thinkings of Adam Smith.
Meaning of Mainstream economics & Mainstream economics Definition