Neoclassical

Neoclassical refers to a revival of classic ideas and styles in art, literature, and architecture, inspired by ancient Greek and Roman culture. Emerging in the late 18th century, it emphasized harmony, proportion, and clarity, reflecting ideals of reason and order. In economics, it describes a school of thought focusing on supply and demand, market equilibrium, and the role of individual choices in shaping economic outcomes. Neoclassical thinkers advocate for limited government intervention, believing that free markets lead to efficient resource allocation and economic growth, highlighting the importance of rational behavior in economic decision-making.