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Neoclassical Economics
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Green Budget Reform The policy alignment that is required cannot be based on the principles of neoclassical economics. This is because neoclassical economists make consumer preferences sovereign in decision making, an approach that cannot but otherwise promote the needs and wants of consumers over environmental considerations that are neither part of, nor ever can be, part a market system.
Neoclassical models start with free markets, which are inherenly socially "cheap". If you make an adjustment, you must cost justify it and this puts the burden of proof on the cost/benefit equation.
Neoclassical Macroeconomics is most commonly associated with Milton Friedman, and is currently the dominant school of thought in macroeconomics. Learn about the work of neoclassical macroeconomists and the "five good guys" of Chicago, Northwestern, Minnesota, Penn, and Rochester.
Large corporations might perhaps come closer to the neoclassical ideal of profit maximisation, but this is not necessarily viewed as desirable if this comes at the expense of neglect of wider social issues. The response to this is that neoclassical economics is descriptive and not normative. It addresses such problems with concepts of private versus social utility.
As Mayhew, and Beed and Beed suggest, the exercise of ideological power drives a portion of the full non-neoclassical transcript underground, in this instance to less reputable heterogeneous journals. In mainstream discourse, the subordinates (academic workers and students) tend to reveal only what is "safe" and "appropriate"; that which is delineated by the dominant paradigm or its ideological purveyors. Total subordinate revelation is only forthcoming in student or worker newspapers or "less reputable" heterogeneous journals, all treated with condescending contempt by the orthodoxy.
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The reformers include prominent scholars who made their names as top-notch neoclassical economists. One is the iconoclastic and polymathic Deirdre N. McCloskey, a distinguished professor of the liberal arts and sciences at the University of Illinois at Chicago who ... has appointments there and at Erasmus University of Rotterdam in art, cultural studies, economics, English, history, and philosophy.
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