Marshall was the great synthesiser of neoclassical economics. Yet with his qualified assumption of self-interest, his emphasis on variation in economic evolution, and his cautious attitude to the use of mathematics, Marshall differs fundamentally from other leading neoclassical contemporaries. Metaphors inspire more specific analogies and ontological assumptions, and Marshall used the guiding m...

Neoclassical economics (Mainstream) has universalized the individual on basic assumptions of rationality and selfishness. It defined its purpose as maximizing utility. However, recent studies show that definition rational is insufficient to explain real person. As a matter fact, while behavioural justifies people's cognitive biases at this point, Islamic iktisâd, which based morality, put forwa...

In this paper we use a modified neoclassical business cycle model to test two competing explanations of the expansion of the 1990s. The model can have indeterminate, multiple equilibria that give rise to expectation-driven business cycles. We fit into the model series of estimated speculative and productivity shocks and compare its predictions with empirical data. Our results suggest that the s...

Assumptions of individual rationality and preference stability provide the foundation for a convenient and tractable modeling approach. While both of these assumptions have come under scrutiny in distinct literatures, the two lines of research remain disjointed. This study begins by explicitly linking the two literatures while providing insights into perhaps the central issue facing behavioral ...

the quantitative relationship between higher education and economic growth in the tradition of “growth accounting equations” and also “neoclassical production function” approach have occupied a pride of place in economics of education, particularly the literature on more developed countries. however, production function type models that allow for isolating the “indirect” (external) effects of h...

Gill advocated using goal-based utility functions versus the standard commodity-based neoclassical utility function. He argued that a goal-based utility function would resolve many observed inconsistencies between what economics predicts and the behavior observed in psychological experiments. To support Gill’s argument, this paper focuses on the standard extension of neoclassical utility to gam...