Answer:
In general, Neoclassical economists have modernized the views of Adam Smith. Their assumptions are that individuals and business firms make rational choices based on their self-interest and that choices are made based on past and future information. That means that the activist Keynesian view of economics is not necessary because the economy is self-adjusting as Adam Smith had insisted in the past. They hold that view and prescribe a non-activist view of interference in the economy by government.
