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Neoclassical Economics
1. The most remarkable feature of neoclassical economics is that it reduces many broad categories of market phenomena to considerations of individual choice and, in this way, suggests that the science of economics can be firmly grounded on the basic individual act of subjectively choosing among alternatives.
2. Neoclassical economics began with the so-called marginalist revolution in value theory that emerged toward the end of the nineteenth century. Strictly speaking, neoclassical economics is not a school of thought (in the sense of a well-defined group of economists following a single great master) but more a loose amalgam of subschools of thought, each revolving around such acknowledged masters as Alfred Marshall in England, Leon Walras in France, and Carl Menger in Austria.
3. In England there was established the Cambridge school – a variant of neoclassical economics that stressed continuity with the past achievements of the classical school. In France, the general equilibrium school was founded in 1874. This subschool investigated the mathematical conditions under which all markets could be in equilibrium simultaneously. The Austrian subschool focused on the essential problems of economic organization.
4. What these subschools have in common is the importance they attach to explaining the coordinating features of market processes in terms of plans and subjective evaluations carried out by individuals in the market subject to the constraints of technological knowledge, social custom and practice, and scarcity of resources.
Neoclassical Economics
1. The most remarkable feature of neoclassical economics is that it reduces many broad categories of market phenomena to considerations of individual choice and, in this way, suggests that the science of economics can be firmly grounded on the basic individual act of subjectively choosing among alternatives.
2. Neoclassical economics began with the so-called marginalist revolution in value theory that emerged toward the end of the nineteenth century. Strictly speaking, neoclassical economics is not a school of thought (in the sense of a well-defined group of economists following a single great master) but more a loose amalgam of subschools of thought, each revolving around such acknowledged masters as Alfred Marshall in England, Leon Walras in France, and Carl Menger in Austria.
3. In England there was established the Cambridge school – a variant of neoclassical economics that stressed continuity with the past achievements of the classical school. In France, the general equilibrium school was founded in 1874. This subschool investigated the mathematical conditions under which all markets could be in equilibrium simultaneously. The Austrian subschool focused on the essential problems of economic organization.
4. What these subschools have in common is the importance they attach to explaining the coordinating features of market processes in terms of plans and subjective evaluations carried out by individuals in the market subject to the constraints of technological knowledge, social custom and practice, and scarcity of resources.
- ✓ Various subschools of neoclassical economics are amalgamated by the ideas of marginalist revolution, individual choice and subjective evaluations, and coordinating features of market processes.
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В тексте речь идет о том, что неоклассическая экономическая теория возникла в 19 веке, в результате маржиналистской революции в Англии, Австрии и Франции, где развивались свои направления этой теории («Neoclassical economics began with the so-called marginalist revolution in value theory that emerged toward the end of the nineteenth century… neoclassical economics is not a school of thought… but more a loose amalgam of subschools of thought, each revolving around such acknowledged masters as Alfred Marshall in England, Leon Walras in France, and Carl Menger in Austria» – фрагмент 2). Однако все их объединяют общие идеи строгого математического анализа принципов распределения ограниченных ресурсов и рыночного равновесия при условии, что все люди действуют рационально («What these subschools have in common is the importance they attach to explaining the coordinating features of market processes in terms of plans and subjective evaluations carried out by individuals» – фрагмент 4).
Таким образом, правильный вариант ответа – «Various subschools of neoclassical economics are amalgamated by the ideas of marginalist revolution, individual choice and subjective evaluations, and coordinating features of market processes» («Различные направления неоклассической экономической теории объединены идеями маржиналистской революции, индивидуального выбора и субъективной оценки, а также координирующей функцией рыночных процессов»).
В тексте речь идет о том, что неоклассическая экономическая теория возникла в 19 веке, в результате маржиналистской революции в Англии, Австрии и Франции, где развивались свои направления этой теории («Neoclassical economics began with the so-called marginalist revolution in value theory that emerged toward the end of the nineteenth century… neoclassical economics is not a school of thought… but more a loose amalgam of subschools of thought, each revolving around such acknowledged masters as Alfred Marshall in England, Leon Walras in France, and Carl Menger in Austria» – фрагмент 2). Однако все их объединяют общие идеи строгого математического анализа принципов распределения ограниченных ресурсов и рыночного равновесия при условии, что все люди действуют рационально («What these subschools have in common is the importance they attach to explaining the coordinating features of market processes in terms of plans and subjective evaluations carried out by individuals» – фрагмент 4).
Таким образом, правильный вариант ответа – «Various subschools of neoclassical economics are amalgamated by the ideas of marginalist revolution, individual choice and subjective evaluations, and coordinating features of market processes» («Различные направления неоклассической экономической теории объединены идеями маржиналистской революции, индивидуального выбора и субъективной оценки, а также координирующей функцией рыночных процессов»).
