neoclassical economics

Neoclassical economics refers to a general approach in economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand. These are mediated through a hypothesized maximization of income-constrained utility by individuals and of cost-constrained profits of firms employing available information and factors of production.   Mainstream economics is largely neoclassical in its assumptions, at least at the microeconomic level. There have been many critiques of neoclassical economics, often incorporated into newer versions of neoclassical theory as human awareness about economic criteria change. Neoclassical economics is often called the marginalist school.
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