A keen observer will perhaps see that the modern day’s mainstream economics is largely neoclassical in assumption and implementation. And for many of us the neoclassical version of economics is the only economics we seem to know despite the existence of many other schools of thoughts. The popularity of Neoclassicism lies in its originality and its coherence with human nature.
Neoclassicism begins and ends with the single word, "maximization" and is sturdily built on the concept of "marginal’s". As far as neoclassicism goes maximization of desired marginals and minimization of the undesired seem to be the order of the day. The maximizing behavior is nothing new to humans. Realism believe that by nature human beings are greedy and self centric . Thus, "maximizing the marginals " approach is perhaps the closest theory that can explain man's behavior if one is to side with realism. Yet can ones maximization create anothers maximization? If one is to maximize at the expense of another can there be any progress in a society as a whole?Or else if maximization is rational behaviour what must be maximized in bringing harmony and prosperity to society ? (profit??)
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