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Keynes called this propensity to hold assets in money form "liquidity preference," "liquidity" being the ease with which an asset can be readily monetized, i.e., exchanged for money. So if "liquidity preference" is high, it suggests people feel insecure or uncertain

The idea that those relative prices can find a system-wide equilibrium is the heart of the neoclassical theory of value, a theory often called "Walrasian"

The Jevonian revolution definitively ended the hold of "who gets what," class-based analysis in orthodox economics, and instead consecrated the individual "consumer" as the unit of analysis.

In fact, the well-known neoclassical doctrine that "without interference" markets will function perfectly (or "clear") is also known as "demand theory".

The term "neoclassical" with respect to economics was coined in 1900 by the American economist Thorstein Veblen, the same person who first discussed "conspicuous consumption".