Analytical framework of economics neoclassical economics vs new classical economics structure of the text and different ways to use it 2 preference and utility function scientific approach to studies of human behavior preference and utility function. New classical macroeconomics sometimes simply called new classical economics 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 . Economics new classical versus neoclassical frameworks written by xiaokai yang 2001 is an updated treatise of the path breaking work he first wrote together with yew kwang ng entitled specialization and economic organization 1993. Economics new classical versus neoclassical frameworks xiaokai yang this text offers a new way of looking at basic economic issues it teaches economics from a different standpoint based on specialization and the division of labour
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