{"id":801,"date":"2023-07-15T01:11:29","date_gmt":"2023-07-15T01:11:29","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/accmacro\/?post_type=chapter&#038;p=801"},"modified":"2023-07-15T01:11:29","modified_gmt":"2023-07-15T01:11:29","slug":"why-it-matters-classical-and-neoclassical-model","status":"publish","type":"chapter","link":"https:\/\/pressbooks.ccconline.org\/accmacro\/chapter\/why-it-matters-classical-and-neoclassical-model\/","title":{"raw":"Why It Matters: Classical and NeoClassical Model","rendered":"Why It Matters: Classical and NeoClassical Model"},"content":{"raw":"<img class=\"alignnone size-medium wp-image-802\" src=\"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-content\/uploads\/sites\/147\/2023\/07\/Screenshot-2023-07-14-at-7.07.21-PM-225x300.png\" alt=\"Adam Smith Wealth of Nations\" width=\"225\" height=\"300\" \/>\r\n\r\nThe founding father's built their knowledge of the US economy based on the work of Adam Smith in his book Wealth of Nations. Adam Smith is considered the \"Father or Economics\".\u00a0 In this lesson you will learn about his model of how the invisible hand allocates scarce resources.\r\n\r\nDuring this lesson you will:\r\n<ul>\r\n \t<li>Understand the tenets of Classical and Neoclassical Economics<\/li>\r\n \t<li>Understand the assumptions of the models<\/li>\r\n \t<li>Apply the tenets through the aggregate supply and demand model<\/li>\r\n<\/ul>","rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-802\" src=\"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-content\/uploads\/sites\/147\/2023\/07\/Screenshot-2023-07-14-at-7.07.21-PM-225x300.png\" alt=\"Adam Smith Wealth of Nations\" width=\"225\" height=\"300\" srcset=\"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-content\/uploads\/sites\/147\/2023\/07\/Screenshot-2023-07-14-at-7.07.21-PM-225x301.png 225w, https:\/\/pressbooks.ccconline.org\/accmacro\/wp-content\/uploads\/sites\/147\/2023\/07\/Screenshot-2023-07-14-at-7.07.21-PM-65x87.png 65w, https:\/\/pressbooks.ccconline.org\/accmacro\/wp-content\/uploads\/sites\/147\/2023\/07\/Screenshot-2023-07-14-at-7.07.21-PM-350x468.png 350w, https:\/\/pressbooks.ccconline.org\/accmacro\/wp-content\/uploads\/sites\/147\/2023\/07\/Screenshot-2023-07-14-at-7.07.21-PM.png 554w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/p>\n<p>The founding father&#8217;s built their knowledge of the US economy based on the work of Adam Smith in his book Wealth of Nations. Adam Smith is considered the &#8220;Father or Economics&#8221;.\u00a0 In this lesson you will learn about his model of how the invisible hand allocates scarce resources.<\/p>\n<p>During this lesson you will:<\/p>\n<ul>\n<li>Understand the tenets of Classical and Neoclassical Economics<\/li>\n<li>Understand the assumptions of the models<\/li>\n<li>Apply the tenets through the aggregate supply and demand model<\/li>\n<\/ul>\n","protected":false},"author":107,"menu_order":1,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-801","chapter","type-chapter","status-publish","hentry"],"part":769,"_links":{"self":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapters\/801","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/wp\/v2\/users\/107"}],"version-history":[{"count":1,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapters\/801\/revisions"}],"predecessor-version":[{"id":803,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapters\/801\/revisions\/803"}],"part":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/parts\/769"}],"metadata":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapters\/801\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/wp\/v2\/media?parent=801"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapter-type?post=801"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/wp\/v2\/contributor?post=801"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/wp\/v2\/license?post=801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}