NGRAM — NEOCLASSICAL ECONOMICS VS AUSTRIAN ECONOMICS

The key event in the post-war rise of the word “neoclassical economics” seems to be Paul Simpson’s 1949 AER article, “Neoclassical Economics and Monetary Problems”, which defines neoclassical economics as:

“[A] body of analysis derived from postulates concerning individual behavior in its efforts to maximize well-being.  Individualistic and hedonistic in its approach, as formulated by Adam Smith, it has not changed in this respect.”

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