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- In what way is neoclassical economics different from old and new institutional economics? Which school of thought is founded on principles that are closer to reality?The question is an two-part economics applied theory exercise.Write a short essay explaining the modelling strategies of neoclassical economics.
- What are 4 basic assumptions of neoclassical economicsIf the production conditions in the United States and Japan were to become essentially the same, would the neoclassical model suggest that trade between the two countries would cease? Why or why not? Illustrate your answer with a graph.Why is it important for us to use models when studying economics?