Neoclassical Economics is a branch of economics that builds upon classical economic theories. It seeks to refine and update the concepts of classical economics, combining these fundamental principles with modern tools and theories to create an overall understanding of economic behaviour and the efficient allocation of scarce resources. Neoclassical Economics emphasizes the importance of marginal analysis and the concept of opportunity cost, and relies heavily on mathematical modelling. Ultimately, neoclassical economics seeks to create a more comprehensive perspective of the world of economics, accounting for the advances made in the fields of behavioral economics, game theory, and information economics.

See also: economic growth, fossil fuel, ecological economics, population growth, financial system