THE POLITICS OF NEOCLASSICAL ECONOMICS: INSIGHTS FROM FOUCAULT'S HISTORY OF GOVERNMENTALITY

This paper delves into Foucault's 'history of governmentality' with an eye to displaying the modifications of classical liberalism by early neoclassical economics which has formative influences on neoliberalism. Examining the place of neoclassical economics in Foucault's history of liberal governmentality, the paper aims to further his insights in order to develop a contemporary critical analysis of the politics of neoclassical economics. From a governmentality perspective, the paper intends to elucidate the (neo)liberal politics of neoclassical economics by focusing on its governmental rationality and technologies which regulate power relations in the micro and macro domains of life.