What is neoclassical liberalism?

Neoclassical liberalism, usually referred to as "neoliberalism", is liberalism based on principles of neoclassical economics, namely free competition, a self-regulating market economy, and low or no taxes on income and property, while sharing with other forms of liberalism "a belief in progress, the essential goodness of the human race, and the autonomy of the individual and standing for the protection of political and civil liberties" (Merriam-Webster.com). In these senses it is economically in the sense of income and private property issues on the right while being socially in the sense of personal issues on the left. In terms of class interest (the original reference points of left versus right) it is decidedly on the right in modern society, that is conservative. As such it is sometimes referred to as "liberal conservatism" or "conservative liberalism" by commentators.