Differences Between Classical Economics And Neoclassical...

There are many differences between mainstream economics/neoclassical economics and political economics. Currently, mainstream and neoclassical economics are the dominant approach in economics. They use math to prove theories and to forecast events. If someone progresses as an economics major, they will enroll in statistic classes and econometrics, which is more quantitative. Since mainstream and neoclassical economics are more measurable, there is a higher chance for error. In order to ensure the work is scholarly, it is important to make sure one confirms their calculations. Furthermore, in neoclassical economics, there are many more assumptions. An assumption is an â€Å"if† statement that many economists use to explain their thoughts.†¦show more content†¦Conservative, radical and liberal economists would respond to this topic in a variety of ways. Liberals can’t agree with economic stability, as they want wealth spread out equally among the population. They also don’t like the byproducts of economic growth, such as pollution. A liberal economist would want to have government intervention, so they can help pass laws on climate change. A liberal economist goal would be to set restrictions on pollution in order to mitigate climate change. A liberal focuses on future generations and how today s society can save the climate for one s kids and future generations. A Conservative ideology is that people take advantage of government aid, and therefore refuse to seek employment. In addition, they don’t feel government regulations are necessary and run on the assumption that the markets are perfect. A conservative economist would reduce environmental regulations. Their mindset is that it s not vital to worry about future generations. They are mainly focused on the present and have the mentality that the byproducts of production are not an issue to the environment. They disagree with the liberal party, mainly due to the fact that t hey view climate change as something we shouldn t worry about. As seen in the news, Trump is a great example of a conservative economist. He withdrew the U.S from the Paris climate agreement. He doesn’t want restrictions holding back businesses. If there were restrictions on climate changeShow MoreRelatedEconomic Growth Theories and Models, A section of a Research Paper1524 Words   |  6 PagesLiterature review Classical Theory of Economic Growth Harrod Domar Growth Model The Neoclassical growth Model Empirical literature 2.1 Theoretical Literature The long history of ideas on economic growth started from the classical economists like Adam Smith, Robert Malthus, Ricardo and Marx. 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