Summary::The three basic assumptions of neoclassical economics (optimization behavior, fixed order of preference, and equilibrium). # Neo-Classical Economics **Neoclassical Economics** > “The three basic assumptions of neoclassical economics (optimization behavior, fixed order of preference, and equilibrium) was diametrically opposed, then as now, to the basic positions of the Austrians—expedient action, individual preferences, and dynamic processes (cf. Boettke 1994a, pp. 602, 604).” [[02_Notes/Equilibrium in Neo-Classical Economics]] # neoclassical economics a type of economics that makes extensive use of equilibrium assumptions, is heavily mathematical, and is incompletely subjectivist. # References / Links # Links [[Economic Theory]] [Neoclassical Economics](file:///E:/Web%20Sites/freemarketcenter/schools/classical/neoclassical.html) on The Free Market Center [Compare Neoclassical Economics](obsidian://open?vault=Publications&file=Production%2FCompare%20Neoclassical%20Economics)