Econ308 Final paper Essay Example | Topics and Well Written Essays - 3000 words

Econ308 Final paper - Essay Examplen not only were the methodological analytic methods altered, but what was analyzed shifted from a concern with examination of the holistic system, as evidenced in theories of production, labor theory of value, and capitalist accumulation, to theories that were primarily refer with the quick-scented choices of individuals.While classical economic theorists presented their theoretical exercises as a progression on the deficiencies of the classical model, the extent to which the neoclassical model is a progression on the flawed classical model is debatable. Although there are clear methodological differences dividing the classical and neoclassical approaches, a convincing argument could be made that the neoclassical model merely abandons the concerns of classical economics for an approach more suited to quantitative analytics. In investigating the extent that neoclassical economics can be deemed a progression on the classical model, this essay exa mines the trajectory of the classical and the neoclassical economic models, considers the extent to which their theoretical concerns overlap, and finally investigates the extent to which the neoclassical model can be termed a true progression on the classical model, or if the two model constitute separate approaches.There are a number of differences and similarities in the issues that classical and neoclassical economics address. Researchers locate the major distinguishing factors in the area of methodology, value theory, and economic analysis. In classical economics economists command a number of central questions these issues include the nature of economic growth, and how is wealth distributed between the forms of wages, rent and profit. In investigator these concerns classical economists approach the issues from a accessible science perspective. They emphasized how goods are accumulated and how surplus accumulation is implemented as a result classical economists from Adam Smith to Karl Marx were primary concerned with the