By Andriana Vlachou
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Additional resources for Contemporary Economic Theory: Radical Critiques of Neoliberalism
Significantly, human nature is treated as a given by neoclassical theory; it may change, but this change is caused by factors exogenous to economy Andriana Vlachou and Georgios K Christou 3 - that is, by the factors exogenous to economic variables that neoclassical theory focuses on (Rowthorn 1974; Wolff and Resnick 1987). Utility is the common property of commodities for neoclassical theory. Individual demand and supply for final goods- derived on the assumption of optimizing behaviour under the constraints of income or endowments and technology - jointly determine the quantities produced and consumed.
From its outset, European unification intended to consolidate and secure capitalism in Western Europe, which was perceived to be threatened by the social unrest in Europe and by the strengthening of the Soviet Union after the Second World War (Busch 1978). European integration was expected to promote capitalist growth by enlarging the market for capitalists, following the pattern of the United States, and by enjoying the benefits of unfettered international trade within the common European market.
These figures corresponded to the Community averages when the Maastricht Treaty was negotiated; their purpose seems to be to avoid inflationary pressures in the union as a whole. These last preconditions allow for some exceptions if an 'excessive' deficit is temporary, or an 'excessive' deficit and/or debt ratio is declining at a 'satisfactory' pace. 26 Contemporary Economic Theory We can discern a Neoliberal imprint on the preconditions for admittance to the union in the fact that preconditions relating to the convergence of unemployment or GDP growth rates were not embodied in the Maastricht Treaty.