??? Joanna
------------
Me too. Sorry to say that answer was academic bullshit.
Here are the basic assumptions in neoclassical theory:
1. People have rational preferences among outcomes. 2. Individuals maximize
utility and firms maximize profits. 3. People act independently on the basis of
full and relevant information.
http://www.econlib.org/library/Enc1/NeoclassicalEconomics.html
Nonsense. Is it worth deconstructing? My personal answer is no.
Here is the wiki on math and economics:
http://en.wikipedia.org/wiki/Mathematical_economics
The test of whether neoclassical economic math models work is empirical. And
the empirical answer is no.
CG
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