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ECS3705 Assignment 4 Semester 1 2023 (751931)

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ECS3705 - History Of Economic Thought (ECS3705)
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ECS3705
ASSIGNMENT 04

SEMESTER 1 2023


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In the development of economics, the Neoclassical school emerged as a prominent approach
during the rise of Alfred Marshall, who introduced mathematical analysis into the study of
economics. This school of thought can be considered an evolution of the classical and
marginalist schools, as it adopted certain core principles from these earlier schools. In this
essay, we will delve into the five Neoclassical ideologies that were derived from the classical
and marginalist schools and discuss each one in detail.

1. Utility Maximization: One of the fundamental ideologies inherited from the marginalist
school is utility maximization.

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