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What are the limitations of the neoclassical theory?

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∙ 7y ago

Updated: 10/16/2024

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Neoclassical economists supported Adam Smith's theory of?

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The three stems of traditional organizational theory are classical, neoclassical, and modern. Classical theory emphasizes rationality, efficiency, and hierarchy. Neoclassical theory focuses on the importance of human behavior and motivation within organizations. Modern theory includes various perspectives such as contingency theory, systems theory, and organizational ecology.

What are the assumptions of the neoclassical model?

The neoclassical model assumes that individuals are rational, markets are perfectly competitive, resources are scarce, technology is constant, and individuals act to maximize their utility or profit. These assumptions form the foundation of neoclassical economic theory.

What are the Limitations of cardinal utility?

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What is a neoclassical?

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