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Essay / Research Paper Abstract
This 7 page report discusses two schools of economic thinking, their characteristics, and how each relates to competitiveness in the marketplace. Bibliography lists 6 sources.
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7 pages (~225 words per page)
File: D0_BWauseco.rtf
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being compared. For example, when one compares neoclassical and Austrian economic thinking, it is important to understand that an orthodox economic view such as that of neoclassical economics is characterized
by the assumption of unique and standardized methodological individualism. On the other hand, the "Austrian" school of economic thought is one that makes certain that there is no potential for
"tunnel vision." The Austrian framework does not hold with too narrow of a focus on individual actions but directs attention toward how an entire economic system functions.
Basics of Neoclassic Economics Boyer and Smith (2001) explain that neoclassical economics "began in the late nineteenth century as a challenge to the classical economics of David Ricardo and John
Stuart Mill" (pp. 199). The neoclassic economist mindset pays a greater level of attention to the role of personal choice and therefore compares the processes that take place as that
choice has an impact on the free market. An important component in the neoclassical viewpoint is the idea of "human capital." Human capital can be looked at in much
the same way as physical capital in that it is subject to depreciation but it can be increased through meaningful investment. That investment may be in the form of additional
education or training that is ultimately intended to increase productivity and personal marketability. Boyer and Smith add that as neoclassic economic thinking was evolving, the assumption was made that: "...
the big questions had been answered, and focused on little questions, such as Why does an egg cost more than a cup of tea? This new focus on prices and
their underlying supply and demand conditions permitted analytical techniques that were deductive and abstract, and in time this approach was to become mathematical" (pp. 199). Such a shift in
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