Neoclassical economists assumed that there was no real problem here.

Nearly 13 years ago, when the stock market crashed in 1987, many economists assumed that a recession would follow.

Economists have long since assumed that higher monetary compensation will lead agents to work more.

At the time, most economists assumed inflation would heat up once unemployment dipped below 5.5 percent.

Neo-classical economists assume people will respond quickly to the changing conditions in which they find themselves.

Classical economists assume the existence of the "perfectly rational economic man".

Neoclassical economists assume that each "unit" of labor is identical.

In other words, economists assume that consumers will always choose the "best" bundle of goods they can afford.

Based on what is known about results during 1997, most economists and government officials now assume that 11 countries will join the euro club next year.

Economists had long assumed that beliefs and decisions conformed to logical rules.