How to pronounce “neoclassical” in English

And in order to achieve that, the best way is to leave it to the market.Neoclassical economics doesn't have the notion of class.Actually, a lot of neoclassical economists will say, well, class is wrong analytical category.

as kind of, they have a shop.So neoclassical is less intervention, and then institutional economists, the progressive folks, has more intervention.

Don't Tell You About Capitalism," Dr. Chang, the Cambridge economist, brilliantly debunked many of the predominant mythsof neoclassical economics. Now, in an entertaining and accessible primer, he explains how the global economy actuallyworks in real-world terms.

Well, the complication is the neoclassical economics isn't the same as free market economics.Some neoclassical economists, like Paul Krugman and Joe Stiglitz, they are not free market economists.I mean, we can talk about that if you are interested.

centrally planned or at least centrally-directed policy.The neoclassical view is that the world is very certain.People are rational. They know what they are doing, so why should government meddle with it?

There's an explicit recognition that politics and economics are inseparable.The neoclassical school, which came into being in the late 19th century, didn't like that.They wanted to make economics science.

as kind of, they have a shop.You mentioned neoclassical. We mentioned Keynesian economics.

as kind of, they have a shop.They're neoclassical. The neo is because they're using marginal analysis.

as kind of, they have a shop.And the neoclassical economists are still there, but they're very much a minority.

as kind of, they have a shop.So we mentioned what neoclassical is, and the institutional economics is.

It's a model in this picture.is why neoclassical architecture as of a 17th century or 18th century-- which is number-based and not geometrical determined-- from a distance, it looks the same.

Yes, instead of privately elected people, as in private capitalism, they had state officials.We were taught neoclassical economics.

I mean, we can talk about that if you are interested.But the majority of neoclassical economists these days advocate free market policy, but the way they advocate free market is all different.So the classical economists, they do not talk about the individuals.

It was not how to get enough demand it was basically how to restrain and control costs.And so monetarists and neoclassical economists and others kind of took the center stage.But after the great crash of 2008 the problem once again is adequate demand.

as kind of, they have a shop.- Is it fair to say that the neoclassical folks and even the classical folks versus the institutional economics folks, they have a disagreement

as kind of, they have a shop.So Keynes is trained in the neoclassical tradition.

as kind of, they have a shop.Now, perhaps the preeminent neoclassical economist was Irving Fisher.

Neoclassical economics doesn't have the notion of class.Actually, a lot of neoclassical economists will say, well, class is wrong analytical category.We are all individuals.

The Austrians also have a very different defense of the free market.To simplify it, the neoclassical defense of free market is that everyone knows what he or she is doing, so leave people alone.The Austrian defense is no one really knows what's going on, so how dare the government thinks that it can tell people what to do.

as kind of, they have a shop.The ones who are more drawn to marginal analysis become known as neoclassical economists.

So basically, in economics, that means you get increasing returns and the presence of increasing returns implies the existence of monopolies, concentratedstructures, and according to traditional neoclassical economic theory, the presence of monopolies and concentrated structures is not a good thing.But at the same time, one could see that living standards had increased tremendously, and that middle income people ended up living far better

It's inductive. The theory plays the role of generating hypotheses which can then be confronted with additional data.And so it's a common and it's a well-stated critique that neoclassical economic theory describes the behavior of a species other than humans,and it's referred to tongue-in-cheek by the fake Latin binomial, "Homo oeconomicus." And while it's true that humans do not

and it's referred to tongue-in-cheek by the fake Latin binomial, "Homo oeconomicus." And while it's true that humans do notbehave according to the classical expectations, or these neoclassical expectations, the expectations weren't designed to actually explainobserved behavior, so we shouldn't be that surprised by it, I think.

And he had this idea of, wait a minute.Or I mentioned Alex Karp from Palantir, know neoclassical social theory.

And then he answers his own question.The answer lies in the specific assumptions about human behavior that are made in neoclassical economic theory.So that theory is based on the assumption that agents in the economy optimize.

I mean, this school is sometimes known as libertarian in the United States.Well, the complication is the neoclassical economics isn't the same as free market economics.Some neoclassical economists, like Paul Krugman and Joe Stiglitz, they are not free market economists.

in relation to production.Because in the standard economic theory, neoclassical economic theory, work is seen as disutility that people have to put up with so that they can earn somethingincome with which to buy things, goods and services, whose consumption gives the utility, their ultimate pleasure

After decades of legal study and 25 years of service as one of America's top Judges, he's been fully briefed.The lady on the stamp wasn't the 305 foot copper and iron neoclassical figure standing sentry on an island in New York Harbor.

Whereas Friedman on the one hand was much more rational and there's a whole set of economic thinking and he provides a rational frameworkfor understanding the world, and it's the framework of neoclassical economics.At the same time, he does pull on mythologies of the idea of America in the Gilded Age, the frontier mythology, the individual immigrant, the settler mythology.

as kind of, they have a shop.Frank Knight is like, you know, a neoclassical economist, but not a mathematical economist.

Yes, instead of privately elected people, as in private capitalism, they had state officials.It's painful. I've had to teach all my life the conventional neoclassical Keynesian.

And for free market economics alone, there are three different varieties.One is classical economics of Adam Smith and David Ricardo, neoclassical, whichis the dominant school of economics today, and Austrian.

It's not a science.Of course, many economists, neoclassical economists, will try to tell you that what they do is a value-free science.But economics can not be separated from politics in the end.

as kind of, they have a shop.And Frank Knight, Milton Friedman's teacher, is one of the minority neoclassical economists.

as kind of, they have a shop.What's Keynesian economics? And the Chicago School of Economics, I guess, is a branch of neoclassical that's a little bit more empirical

Another example in the book is Palantir, which is down the street in Palo Alto and now around the world.And Palantir is a big data company that we forget is run by a guy named Alex Karp, who has a PhD in neoclassical social theory, and was alsoco-founded by Peter Thiel, who has a degree in philosophy and law.

And so he engineered an attack like this, and then showed it to the media, and showed his own army coming in to save the inhabitants,of the patterns that they found in Palmyra, brought them back to this country, published them, and that stimulated the neoclassical revival

is provided by government-owned housing corporation, and a staggering 22% of GDP is produced by state-owned enterprises including Singapore Airlines.So I put it to my students, look, give me one economic theory-- it doesn't matter what it is, neoclassical, Austrian, Marxist, Keynesian--one economic theory that can single-handedly explain Singapore.

have something that is gonna require great feats of technical wizardry you will work a little harder on that during class. If you have something where you have to do a lotof pirouettes or a lot of tricks, what we would call tricks, which would be very different from something that was a more contemporary or neoclassical piece that was in either barefootor in flat shoes. We don't have a lot of those, but your weight shift changes, you sort of, you might start to think about it, you're more likely to think about it while you're

Adrian Danchig-Waring: They're amazing.Amanda Hankes: They're amazing ballets and the music's amazing and for us it's like home but if you're not used to seeing neoclassical --Adrian Danchig-Waring: Or hearing.

end up designing systems in which the selfish, the most selfish actors do best, right? And what we're starting to learn instead, is that we have intrinsic motivations, non financialmotivations, that affect our behavior in profound ways that aren't demonstrated, aren't explained by neoclassical economics or the sort of attended social .Here's an example of one of those explanations from recent research. This is, this is a graph from--