For more than a century, neoclassical theory dominated economic thinking. Neoclassical economics is a theory based on three key assumptions: individuals have rational preferences; individuals maximize ...
Perfect competition is theoretical. Understand how to identify real-world barriers, and explore how economists view its ...
In its early days, behavioral economics was focused on documenting human deviance from rational action. It began as a challenge to the mainstream neoclassical economics model, which assumes people are ...
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