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Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model.^[1] According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory.^[2]

Neoclassical economics is the dominant approach to microeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950’s onward.

^ Encyclopedia Britannica (July 20, 1998) Alfred Marshall, Britannica. Available at: https://www.britannica.com/biography/Alfred-Marshall Archived June 6, 2023, at the Wayback Machine (Accessed: May 13, 2021).
^ Antonietta Campus (1987), "marginal economics.” The New Palgrave: A Dictionary of Economics v. 3, p. 323.

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