Classical, Neoclassical

Identify which school of thought makes the most sense to define today’s economy: Classical, Neoclassical (first generation), or Neoclassical (second generation). In order to make your case you will need to clearly describe the characteristics of each of these three schools of thought and compare and contrast each of them with the characteristics of today’s economy. The strength of the arguments for each case should guide you in making your decision and drawing a conclusion about the appropriate characteristics of this economy.