GENERAL KNOWLEDGE

Detailed explanation-1: -Its founder was Alfred Marshall, and among the main representatives were Arthur Cecil Pigou, Ralph George Hawtrey and Dennis Holme Robertson. Pigou worked on the theory of welfare economics and the quantity theory of money.

Detailed explanation-2: -Neoclassical economics includes the work of Stanley Jevons, Maria Edgeworth, Leon Walras, Vilfredo Pareto, and other economists.

Detailed explanation-3: -Marshall is viewed as the founder of the neoclassical school of thought in economics and was the first to introduce many now-standard principles of the field. Neoclassical economists were interested in how agents, consumers, and producers maximize the function of scarce resources in a given market.

Detailed explanation-4: -Most consider Scottish economist Adam Smith the progenitor of classical economic theory.

Detailed explanation-5: -Alfred Marshall, is the father of neoclassical economics.