Neoclassical economics  Neoclassical economics is a term
variously used for approaches to economics focusing on the
determination of prices, outputs, and income distributions in
markets through supply and demand, often as mediated through a
hypothesized maximization of income-constrained utility by
individuals and of cost-constrained profits of firms employing
available information and factors of production, in accordance
with rational choice theory. Neoclassical economics dominates
microeconomics, and together with Keynesian economics forms the
neoclassical synthesis, which dominates mainstream economics
today. There have been many critiques of neoclassical economics,
often incorporated into newer versions of neoclassical theory as
human awareness of economic criteria change.  The term was
originally introduced by Thorstein Veblen in 1900, in his
Preconceptions of Economic Science, to distinguish marginalists
in the tradition of Alfred Marshall from those in the Austrian
School. It was later used by John Hic