Neoclassical economic theory: dominant concepts

Neoclassical economic theory arose in the 70s of the XIX century, which proceeds from the principle of economic liberalism and the principle of free competition. In their research, neoclassicists study the behavior of an economic person and focus on the study of applied practical problems, use quantitative analysis and mathematics. Greater attention is paid to the problems of efficient use of limited economic resources at the microeconomic level. Neoclassical economic theory is characterized by several postulates common to many schools and trends. However, there is a wide range of neoclassical approaches to various problem areas of economic theory.