GENERAL KNOWLEDGE

Detailed explanation-1: -Neoclassical theory emphasizes individual or group behaviour and human relations in determining productivity. The main features of the neoclassical approach are individual, work group and participatory management.

Detailed explanation-2: -There are mainly three elements of neoclassical theory of management. They are Hawthorne Experiment, Human Relation Movement, and Organizational Behavior.

Detailed explanation-3: -Neoclassical growth theory outlines the three factors necessary for a growing economy. These are labor, capital, and technology. However, neoclassical growth theory clarifies that temporary equilibrium is different from long-term equilibrium, which does not require any of these three factors.

Detailed explanation-4: -The neoclassical approach of management suggests the participation of workers in management. As the neoclassical theory is employee-oriented, workers’ participation in planning job contents and operations will improve productivity.