What is the theory of neo classical counter revolution?

The neo-classical counter-revolution refers to a resurgence of classical economic theories, particularly in response to Keynesian economics and government interventionist policies that gained prominence in the mid-20th century. Advocates argue for the efficiency of free markets, emphasizing that government interference distorts economic signals and leads to inefficiencies. This perspective often highlights the importance of individual choice, competition, and the role of supply and demand in determining prices and resource allocation. Key figures associated with this movement include economists like Milton Friedman and Friedrich Hayek, who championed the principles of monetary policy and limited government involvement in the economy.