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class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Historical economic thought</span> </div> </a> <button aria-controls="toc-Historical_economic_thought-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Historical economic thought subsection</span> </button> <ul id="toc-Historical_economic_thought-sublist" class="vector-toc-list"> <li id="toc-Ancient_economic_thought" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ancient_economic_thought"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Ancient economic thought</span> </div> </a> <ul id="toc-Ancient_economic_thought-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Islamic_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Islamic_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Islamic economics</span> </div> </a> <ul id="toc-Islamic_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Scholasticism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Scholasticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Scholasticism</span> </div> </a> <ul id="toc-Scholasticism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mercantilism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mercantilism"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Mercantilism</span> </div> </a> <ul id="toc-Mercantilism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Physiocrats" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Physiocrats"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Physiocrats</span> </div> </a> <ul id="toc-Physiocrats-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Classical_political_economy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Classical_political_economy"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Classical political economy</span> </div> </a> <ul id="toc-Classical_political_economy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-American_School" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#American_School"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.7</span> <span>American School</span> </div> </a> <ul id="toc-American_School-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-French_Liberal_School" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#French_Liberal_School"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.8</span> <span>French Liberal School</span> </div> </a> <ul id="toc-French_Liberal_School-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-German_Historical_school" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#German_Historical_school"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.9</span> <span>German Historical school</span> </div> </a> <ul id="toc-German_Historical_school-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-English_historical_school" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#English_historical_school"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.10</span> <span>English historical school</span> </div> </a> <ul id="toc-English_historical_school-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-French_historical_school" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#French_historical_school"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.11</span> <span>French historical school</span> </div> </a> <ul id="toc-French_historical_school-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Utopian_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Utopian_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.12</span> <span>Utopian economics</span> </div> </a> <ul id="toc-Utopian_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Georgist_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Georgist_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.13</span> <span>Georgist economics</span> </div> </a> <ul id="toc-Georgist_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ricardian_socialism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ricardian_socialism"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.14</span> <span>Ricardian socialism</span> </div> </a> <ul id="toc-Ricardian_socialism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marxian_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marxian_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.15</span> <span>Marxian economics</span> </div> </a> <ul id="toc-Marxian_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Neo-Marxian_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Neo-Marxian_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.16</span> <span>Neo-Marxian economics</span> </div> </a> <ul id="toc-Neo-Marxian_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-State_socialism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#State_socialism"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.17</span> <span>State socialism</span> </div> </a> <ul id="toc-State_socialism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Anarchist_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Anarchist_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.18</span> <span>Anarchist economics</span> </div> </a> <ul id="toc-Anarchist_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Distributism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Distributism"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.19</span> <span>Distributism</span> </div> </a> <ul id="toc-Distributism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Institutional_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Institutional_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.20</span> <span>Institutional economics</span> </div> </a> <ul id="toc-Institutional_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Neoclassical_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Neoclassical_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.21</span> <span>Neoclassical economics</span> </div> </a> <ul id="toc-Neoclassical_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Lausanne_School" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Lausanne_School"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.22</span> <span>Lausanne School</span> </div> </a> <ul id="toc-Lausanne_School-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Austrian_School" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Austrian_School"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.23</span> <span>Austrian School</span> </div> </a> <ul id="toc-Austrian_School-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Stockholm_School" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Stockholm_School"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.24</span> <span>Stockholm School</span> </div> </a> <ul id="toc-Stockholm_School-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Keynesian_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Keynesian_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.25</span> <span>Keynesian economics</span> </div> </a> <ul id="toc-Keynesian_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Chicago_school" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Chicago_school"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.26</span> <span>Chicago school</span> </div> </a> <ul id="toc-Chicago_school-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Carnegie_School" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Carnegie_School"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.27</span> <span>Carnegie School</span> </div> </a> <ul id="toc-Carnegie_School-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Neo-Ricardianism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Neo-Ricardianism"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.28</span> <span>Neo-Ricardianism</span> </div> </a> <ul id="toc-Neo-Ricardianism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-New_institutional_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#New_institutional_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.29</span> <span>New institutional economics</span> </div> </a> <ul id="toc-New_institutional_economics-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-20th_century_schools" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#20th_century_schools"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>20th century schools</span> </div> </a> <ul id="toc-20th_century_schools-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sources" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Sources"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Sources</span> </div> </a> <ul id="toc-Sources-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Schools of economic thought</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 18 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-18" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">18 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D8%AF%D8%A7%D8%B1%D8%B3_%D8%A7%D9%84%D9%81%D9%83%D8%B1_%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A" title="مدارس الفكر الاقتصادي – Arabic" lang="ar" hreflang="ar" data-title="مدارس الفكر الاقتصادي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0qtisadi_t%C9%99lim_m%C9%99kt%C9%99bl%C9%99ri" title="İqtisadi təlim məktəbləri – Azerbaijani" lang="az" hreflang="az" data-title="İqtisadi təlim məktəbləri" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A8%D0%BA%D0%BE%D0%BB%D0%B8_%D0%BD%D0%B0_%D0%B8%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%B0%D1%82%D0%B0_%D0%BC%D0%B8%D1%81%D1%8A%D0%BB" title="Школи на икономическата мисъл – Bulgarian" lang="bg" hreflang="bg" data-title="Школи на икономическата мисъл" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Anexo:Escuelas_de_pensamiento_econ%C3%B3mico" title="Anexo:Escuelas de pensamiento económico – Spanish" lang="es" hreflang="es" data-title="Anexo:Escuelas de pensamiento económico" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%DA%A9%D8%AA%D8%A8%E2%80%8C%D9%87%D8%A7%DB%8C_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%DB%8C" title="مکتب‌های اقتصادی – Persian" lang="fa" hreflang="fa" data-title="مکتب‌های اقتصادی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/%C3%89cole_de_pens%C3%A9e_en_%C3%A9conomie" title="École de pensée en économie – French" lang="fr" hreflang="fr" data-title="École de pensée en économie" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8F%D5%B6%D5%BF%D5%A5%D5%BD%D5%A1%D5%A3%D5%AB%D5%BF%D5%A1%D5%AF%D5%A1%D5%B6_%D5%AB%D5%B6%D6%84%D5%B6%D5%B8%D6%82%D6%80%D5%B8%D6%82%D5%B5%D5%B6_%D5%A4%D5%BA%D6%80%D5%B8%D6%81%D5%B6%D5%A5%D6%80" title="Տնտեսագիտական ինքնուրույն դպրոցներ – Armenian" lang="hy" hreflang="hy" data-title="Տնտեսագիտական ինքնուրույն դպրոցներ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Aliran_pemikiran_ekonomi" title="Aliran pemikiran ekonomi – Indonesian" lang="id" hreflang="id" data-title="Aliran pemikiran ekonomi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-ia mw-list-item"><a href="https://ia.wikipedia.org/wiki/Scholas_de_pensamento_economic" title="Scholas de pensamento economic – Interlingua" lang="ia" hreflang="ia" data-title="Scholas de pensamento economic" data-language-autonym="Interlingua" data-language-local-name="Interlingua" class="interlanguage-link-target"><span>Interlingua</span></a></li><li class="interlanguage-link interwiki-ie mw-list-item"><a href="https://ie.wikipedia.org/wiki/Scoles_de_pense_economic" title="Scoles de pense economic – Interlingue" lang="ie" hreflang="ie" data-title="Scoles de pense economic" data-language-autonym="Interlingue" data-language-local-name="Interlingue" class="interlanguage-link-target"><span>Interlingue</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Scuole_di_pensiero_economico" title="Scuole di pensiero economico – Italian" lang="it" hreflang="it" data-title="Scuole di pensiero economico" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Economische_school" title="Economische school – Dutch" lang="nl" hreflang="nl" data-title="Economische school" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Escolas_do_pensamento_econ%C3%B4mico" title="Escolas do pensamento econômico – Portuguese" lang="pt" hreflang="pt" data-title="Escolas do pensamento econômico" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A8%D0%BA%D0%BE%D0%BB%D0%B0_%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%BE%D0%B9_%D0%BC%D1%8B%D1%81%D0%BB%D0%B8" title="Школа экономической мысли – Russian" lang="ru" hreflang="ru" data-title="Школа экономической мысли" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Taloustieteen_koulukunnat" title="Taloustieteen koulukunnat – Finnish" lang="fi" hreflang="fi" data-title="Taloustieteen koulukunnat" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a 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href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a class="mw-selflink selflink">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In the <a href="/wiki/History_of_economic_thought" title="History of economic thought">history of economic thought</a>, a <b>school of economic thought</b> is a group of <a href="/wiki/Economics" title="Economics">economic</a> thinkers who share or shared a mutual perspective on the way <a href="/wiki/Economy" title="Economy">economies</a> function. While <a href="/wiki/Economist" title="Economist">economists</a> do not always fit within particular schools, particularly in the modern era, classifying economists into <a href="/wiki/Schools_of_thought" class="mw-redirect" title="Schools of thought">schools of thought</a> is common. Economic thought may be roughly divided into three phases: premodern (<a href="/wiki/Greco-Roman" class="mw-redirect" title="Greco-Roman">Greco-Roman</a>, <a href="/wiki/History_of_India" title="History of India">Indian</a>, <a href="/wiki/Persian_Empire" class="mw-redirect" title="Persian Empire">Persian</a>, <a href="/wiki/Caliphate" title="Caliphate">Islamic</a>, and <a href="/wiki/Imperial_era_of_Chinese_history" class="mw-redirect" title="Imperial era of Chinese history">Imperial Chinese</a>), early modern (<a href="/wiki/Mercantilist" class="mw-redirect" title="Mercantilist">mercantilist</a>, <a href="/wiki/Physiocrats" class="mw-redirect" title="Physiocrats">physiocrats</a>) and modern (beginning with <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> and <a href="/wiki/Classical_economics" title="Classical economics">classical economics</a> in the late 18th century, and <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a> and <a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Friedrich Engels'</a> <a href="/wiki/Marxian_economics" title="Marxian economics">Marxian economics</a> in the mid 19th century). Systematic economic theory has been developed primarily since the beginning of what is termed the <a href="/wiki/Modern_era" title="Modern era">modern era</a>. </p><p>Currently, the great majority of economists follow an approach referred to as <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economics</a> (sometimes called 'orthodox economics'). Economists generally specialize into either macroeconomics, broadly on the general scope of the economy as a whole,<sup id="cite_ref-mankiw7e_1-0" class="reference"><a href="#cite_note-mankiw7e-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> and microeconomics, on specific markets or actors.<sup id="cite_ref-FOOTNOTEMankiw201013_2-0" class="reference"><a href="#cite_note-FOOTNOTEMankiw201013-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Within the macroeconomic mainstream in the United States, distinctions can be made between <a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">saltwater</a> economists<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup> and the more <a href="/wiki/Laissez-faire" title="Laissez-faire">laissez-faire</a> ideas of freshwater economists.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>b<span class="cite-bracket">]</span></a></sup> However, there is broad agreement on the importance of general equilibrium, the methodology related to models used for certain purposes (e.g. statistical models for forecasting, <a href="/wiki/Structural_estimation" title="Structural estimation">structural models</a> for <a href="/w/index.php?title=Counterfactual_analysis&action=edit&redlink=1" class="new" title="Counterfactual analysis (page does not exist)">counterfactual analysis</a>, etc.), and the importance of partial equilibrium models for analyzing specific factors important to the economy (e.g. banking).<sup id="cite_ref-blanchard_future_5-0" class="reference"><a href="#cite_note-blanchard_future-5"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>Some influential approaches of the past, such as the <a href="/wiki/Historical_school_of_economics" title="Historical school of economics">historical school of economics</a> and <a href="/wiki/Institutional_economics" title="Institutional economics">institutional economics</a>, have become defunct or have declined in influence, and are now considered <a href="/wiki/Heterodox_economics" title="Heterodox economics">heterodox approaches</a>. Other longstanding heterodox schools of economic thought include <a href="/wiki/Austrian_economics" class="mw-redirect" title="Austrian economics">Austrian economics</a> and <a href="/wiki/Marxian_economics" title="Marxian economics">Marxian economics</a>. Some more recent developments in economic thought such as <a href="/wiki/Feminist_economics" title="Feminist economics">feminist economics</a> and <a href="/wiki/Ecological_economics" title="Ecological economics">ecological economics</a> adapt and critique mainstream approaches with an emphasis on particular issues rather than developing as independent schools. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Contemporary_economic_thought">Contemporary economic thought</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=1" title="Edit section: Contemporary economic thought"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Mainstream_economics">Mainstream economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=2" title="Edit section: Mainstream economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Schools_of_economic_thought" title="Special:EditPage/Schools of economic thought">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">September 2020</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream economics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Missing_information plainlinks metadata ambox ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/6/6c/Wiki_letter_w.svg/44px-Wiki_letter_w.svg.png" decoding="async" width="44" height="44" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/6/6c/Wiki_letter_w.svg/66px-Wiki_letter_w.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/6/6c/Wiki_letter_w.svg/88px-Wiki_letter_w.svg.png 2x" data-file-width="44" data-file-height="44" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>is missing information</b> about microeconomics (information and behavioural), might require separating micro and macro into subsections?.<span class="hide-when-compact"> Please expand the article to include this information. Further details may exist on the <a href="/wiki/Talk:Schools_of_economic_thought" title="Talk:Schools of economic thought">talk page</a>.</span> <span class="date-container"><i>(<span class="date">September 2020</span>)</i></span></div></td></tr></tbody></table> <p>Mainstream economics is distinguished in general economics from <a href="/wiki/Heterodox_economics" title="Heterodox economics">heterodox</a> approaches and schools within economics. It begins with the premise that resources are scarce and that it is necessary to choose between competing alternatives. That is, economics deals with <a href="/wiki/Tradeoff" class="mw-redirect" title="Tradeoff">tradeoffs</a>. With scarcity, choosing one alternative implies forgoing another alternative—the <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity cost</a>. The opportunity cost expresses an implicit relationship between competing alternatives. Such costs, considered as prices in a market economy, are used for analysis of <a href="/wiki/Economic_efficiency" title="Economic efficiency">economic efficiency</a> or for predicting responses to disturbances in a market. In a <a href="/wiki/Planned_economy" title="Planned economy">planned economy</a> comparable <a href="/wiki/Shadow_price" title="Shadow price">shadow price</a> relations must be satisfied for the efficient use of resources, as first demonstrated by the Italian economist <a href="/wiki/Enrico_Barone" title="Enrico Barone">Enrico Barone</a>. </p><p>Economists believe that incentives and costs play a pervasive role in shaping <a href="/wiki/Decision_making" class="mw-redirect" title="Decision making">decision making</a>. An immediate example of this is the <a href="/wiki/Consumer_theory" class="mw-redirect" title="Consumer theory">consumer theory</a> of individual demand, which isolates how prices (as costs) and income affect quantity demanded. Modern mainstream economics has foundations in <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economics</a>, which began to develop in the late 19th century. Mainstream economics also acknowledges the existence of <a href="/wiki/Market_failure" title="Market failure">market failure</a> and insights from <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a>, most contemporaneously in the macroeconomic <a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">new neoclassical synthesis</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> It uses models of <a href="/wiki/Economic_growth" title="Economic growth">economic growth</a> for analyzing long-run variables affecting <a href="/wiki/National_income" class="mw-redirect" title="National income">national income</a>. It employs <a href="/wiki/Game_theory" title="Game theory">game theory</a> for modeling market or non-market behavior. Some important insights on collective behavior (for example, <a href="/wiki/Emergence" title="Emergence">emergence</a> of <a href="/wiki/Organization" title="Organization">organizations</a>) have been incorporated through the <a href="/wiki/New_institutional_economics" title="New institutional economics">new institutional economics</a>. A definition that captures much of modern economics is that of <a href="/wiki/Lionel_Robbins" title="Lionel Robbins">Lionel Robbins</a> in a <a href="/wiki/An_Essay_on_the_Nature_and_Significance_of_Economic_Science#Major_propositions" title="An Essay on the Nature and Significance of Economic Science">1932 essay</a>: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." <a href="/wiki/Scarcity" title="Scarcity">Scarcity</a> means that available <a href="/wiki/Resource_(economics)" class="mw-redirect" title="Resource (economics)">resources</a> are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no <a href="/wiki/Economic_problem" title="Economic problem">economic problem</a>. The subject thus defined involves the study of <a href="/wiki/Rational_choice_theory" class="mw-redirect" title="Rational choice theory">choice</a>, as affected by incentives and resources. </p><p>Mainstream economics encompasses a wide (but not unbounded) range of views. Politically, most mainstream economists hold views ranging from <a href="/wiki/Laissez-faire" title="Laissez-faire">laissez-faire</a> to <a href="/wiki/Modern_liberalism_in_the_United_States" title="Modern liberalism in the United States">modern liberalism</a>. There are also differing views on certain empirical claims within macroeconomics, such as the effectiveness of expansionary <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a> under certain conditions.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Disputes within mainstream macroeconomics tend to be characterised by disagreement over the convincingness of individual empirical claims (such as the predictive power of a specific model) and in this respect differ from the more fundamental conflicts over methodology that characterised previous periods (like those between <a href="/wiki/Monetarism" title="Monetarism">Monetarists</a> and <a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-Keynesians</a>), in which economists of differing schools would disagree on whether a given work was even a legitimate contribution to the field.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Contemporary_heterodox_economics">Contemporary heterodox economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=3" title="Edit section: Contemporary heterodox economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox economics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Schools_of_economic_thought" title="Special:EditPage/Schools of economic thought">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">October 2020</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>In the late 19th century, a number of heterodox schools contended with the <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical</a> school that arose following the <a href="/wiki/Marginalism" title="Marginalism">marginal revolution</a>. Most survive to the present day as self-consciously dissident schools, but with greatly diminished size and influence relative to <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economics</a>. The most significant are <a href="/wiki/Institutional_economics" title="Institutional economics">Institutional economics</a>, <a href="/wiki/Marxian_economics" title="Marxian economics">Marxian economics</a> and the <a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a>. </p><p>The development of <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a> was a substantial challenge to the dominant neoclassical school of economics. Keynesian views entered the mainstream as a result of the <a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical synthesis</a> developed by <a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a>. The rise of Keynesianism, and its incorporation into mainstream economics, reduced the appeal of heterodox schools. However, advocates of a more fundamental critique of neoclassical economics formed a school of <a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">post-Keynesian economics</a>. </p><p>Heterodox approaches often embody criticisms of perceived "mainstream" approaches. For instance: </p> <ul><li>feminist economics criticizes the valuation of labor and argues female labor is systemically undervalued;</li> <li>green economics criticizes instances of externalized and intangible ecosystems and argues for them to be brought into the tangible <a href="/wiki/Capital_asset" title="Capital asset">capital asset</a> model as <a href="/wiki/Natural_capital" title="Natural capital">natural capital</a>; and</li> <li>post-keynesian economics disagrees with the notion of the long-term neutrality of demand, arguing that there is no natural tendency for a competitive market economy to reach <a href="/wiki/Full_employment" title="Full employment">full employment</a>.</li></ul> <p>Other viewpoints on economic issues from outside mainstream economics include <a href="/wiki/Dependency_theory" title="Dependency theory">dependency theory</a> and <a href="/wiki/World_systems_theory" class="mw-redirect" title="World systems theory">world systems theory</a> in the study of <a href="/wiki/International_relations" title="International relations">international relations</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Historical_economic_thought">Historical economic thought</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=4" title="Edit section: Historical economic thought"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Modern macro- and microeconomics are young sciences.<sup id="cite_ref-FOOTNOTEMankiw20104_9-0" class="reference"><a href="#cite_note-FOOTNOTEMankiw20104-9"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> But many in the past have thought on topics ranging from value to production relations. These forays into economic thought contribute to the modern understanding, ranging from ancient Greek conceptions of the role of the household and its choices<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> to mercantilism and its emphasis on the hoarding of precious metals. </p> <div class="mw-heading mw-heading3"><h3 id="Ancient_economic_thought">Ancient economic thought</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=5" title="Edit section: Ancient economic thought"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient economic thought</a></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Chanakya" title="Chanakya">Chanakya</a> (Kautilya)</li> <li><a href="/wiki/Oeconomicus_(Xenophon)" class="mw-redirect" title="Oeconomicus (Xenophon)">Xenophon</a></li> <li><a href="/wiki/Politics_(Aristotle)" title="Politics (Aristotle)">Aristotle</a></li> <li><a href="/wiki/Qin_Shi_Huang" title="Qin Shi Huang">Qin Shi Huang</a></li> <li><a href="/wiki/Wang_Anshi" title="Wang Anshi">Wang Anshi</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Islamic_economics">Islamic economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=6" title="Edit section: Islamic economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Islamic_economics" title="Islamic economics">Islamic economics</a></div> <p>Islamic economics is the practice of economics in accordance with <a href="/wiki/Sharia" title="Sharia">Islamic law</a>. The origins can be traced back to the <a href="/wiki/Caliphate" title="Caliphate">Caliphate</a>,<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> where an early <a href="/wiki/Market_economy" title="Market economy">market economy</a> and some of the earliest forms of <a href="/wiki/Merchant_capitalism" title="Merchant capitalism">merchant capitalism</a> took root between the 8th–12th centuries, which some refer to as "Islamic capitalism".<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Islamic economics seeks to enforce Islamic regulations not only on personal issues, but to implement broader economic goals and policies of an Islamic society, based on uplifting the deprived masses. It was founded on free and unhindered circulation of wealth so as to handsomely reach even the lowest echelons of society. One distinguishing feature is the tax on wealth (in the form of both <a href="/wiki/Zakat" title="Zakat">Zakat</a> and <a href="/wiki/Jizya" title="Jizya">Jizya</a>), and bans levying taxes on all kinds of trade and transactions (Income/Sales/Excise/Import/Export duties etc.). Another distinguishing feature is prohibition of interest in the form of excess charged while trading in money. Its pronouncement on use of paper currency also stands out. Though promissory notes are recognized, they must be fully backed by reserves. <a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve banking</a> is disallowed as a form of breach of <a href="/wiki/Trust_law" class="mw-redirect" title="Trust law">trust</a>. </p><p>Trade in Islamic societies saw innovations such as <a href="/wiki/Trading_company" title="Trading company">trading companies</a>, <a href="/wiki/Big_business" title="Big business">big businesses</a>, <a href="/wiki/Contract" title="Contract">contracts</a>, <a href="/wiki/Bills_of_exchange" class="mw-redirect" title="Bills of exchange">bills of exchange</a>, long-distance <a href="/wiki/International_trade" title="International trade">international trade</a>, the first forms of <a href="/wiki/Partnership" title="Partnership">partnership</a> (<i>mufawada</i>) such as <a href="/wiki/Limited_partnership" title="Limited partnership">limited partnerships</a> (<i>mudaraba</i>), <a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">credit</a>, <a href="/wiki/Debt" title="Debt">debt</a>, <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profit</a>, <a href="/wiki/Income_statement" title="Income statement">loss</a>, <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a> (<i>al-mal</i>), and <a href="/wiki/Capital_accumulation" title="Capital accumulation">capital accumulation</a> (<i>nama al-mal</i>),<sup id="cite_ref-Banaji_13-0" class="reference"><a href="#cite_note-Banaji-13"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Circulating_capital" title="Circulating capital">circulating capital</a>, <a href="/wiki/Capital_expenditure" title="Capital expenditure">capital expenditure</a>, <a href="/wiki/Revenue" title="Revenue">revenue</a>, <a href="/wiki/Cheque" title="Cheque">cheques</a>, <a href="/wiki/Promissory_note" title="Promissory note">promissory notes</a>,<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Trust_law" class="mw-redirect" title="Trust law">trusts</a> (see <i><a href="/wiki/Waqf" title="Waqf">Waqf</a></i>), <a href="/wiki/Startup_companies" class="mw-redirect" title="Startup companies">startup companies</a>,<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Savings_account" title="Savings account">savings accounts</a>, <a href="/wiki/Transactional_account" class="mw-redirect" title="Transactional account">transactional accounts</a>, <a href="/wiki/Pawnbroker" title="Pawnbroker">pawning</a>, <a href="/wiki/Loan" title="Loan">loaning</a>, <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rates</a>, <a href="/wiki/Bank" title="Bank">bankers</a>, <a href="/wiki/Money_changer" title="Money changer">money changers</a>, <a href="/wiki/Ledger" title="Ledger">ledgers</a>, <a href="/wiki/Deposit_account" title="Deposit account">deposits</a>, <a href="/wiki/Assignment_(law)" title="Assignment (law)">assignments</a>, the <a href="/wiki/Double-entry_bookkeeping_system" class="mw-redirect" title="Double-entry bookkeeping system">double-entry bookkeeping system</a>,<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Lawsuit" title="Lawsuit">lawsuits</a>,<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Agency_(law)" class="mw-redirect" title="Agency (law)">agency</a> institution.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>This school has seen a revived interest in development and understanding since the later part of the 20th century. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Early_reforms_under_Islam#Economic_reforms" class="mw-redirect" title="Early reforms under Islam">Muhammad</a></li> <li><a href="/wiki/Abu_Hanifa_an-Nu%E2%80%98man" class="mw-redirect" title="Abu Hanifa an-Nu‘man">Abu Hanifa an-Nu‘man</a></li> <li><a href="/wiki/Abu_Yusuf" title="Abu Yusuf">Abu Yusuf</a></li> <li><a href="/wiki/Al-Farabi" title="Al-Farabi">Al-Farabi</a> (Alpharabius)</li> <li><a href="/wiki/Shams_al-Mo%27ali_Abol-hasan_Ghaboos_ibn_Wushmgir" class="mw-redirect" title="Shams al-Mo'ali Abol-hasan Ghaboos ibn Wushmgir">Shams al-Mo'ali Abol-hasan Ghaboos ibn Wushmgir</a> (Qabus)</li> <li><a href="/wiki/Avicenna" title="Avicenna">Ibn Sina</a> (Avicenna)</li> <li><a href="/wiki/Ibn_Miskawayh" class="mw-redirect" title="Ibn Miskawayh">Ibn Miskawayh</a></li> <li><a href="/wiki/Al-Ghazali" title="Al-Ghazali">Al-Ghazali</a> (Algazel)</li> <li><a href="/wiki/Ibn_Taymiyyah" class="mw-redirect" title="Ibn Taymiyyah">Ibn Taymiyyah</a></li> <li><a href="/wiki/Al-Mawardi" title="Al-Mawardi">Al-Mawardi</a></li> <li><a href="/wiki/Nas%C4%ABr_al-D%C4%ABn_al-T%C5%ABs%C4%AB" class="mw-redirect" title="Nasīr al-Dīn al-Tūsī">Nasīr al-Dīn al-Tūsī</a> (Tusi)</li> <li><a href="/wiki/Ibn_Khaldun" title="Ibn Khaldun">Ibn Khaldun</a></li> <li><a href="/wiki/Al-Maqrizi" title="Al-Maqrizi">Al-Maqrizi</a></li> <li><a href="/wiki/Muhammad_Baqir_al-Sadr" title="Muhammad Baqir al-Sadr">Muhammad Baqir al-Sadr</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Scholasticism">Scholasticism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=7" title="Edit section: Scholasticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Scholasticism" title="Scholasticism">Scholasticism</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Nicole_Oresme" title="Nicole Oresme">Nicole Oresme</a></li> <li><a href="/wiki/Thomas_Aquinas" title="Thomas Aquinas">Thomas Aquinas</a></li> <li><a href="/wiki/School_of_Salamanca" title="School of Salamanca">School of Salamanca</a></li> <li><a href="/wiki/Leonardus_Lessius" title="Leonardus Lessius">Leonardus Lessius</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Mercantilism">Mercantilism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=8" title="Edit section: Mercantilism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></div> <p>Economic policy in Europe during the late Middle Ages and early <a href="/wiki/Renaissance" title="Renaissance">Renaissance</a> treated economic activity as a good which was to be <a href="/wiki/Tax" title="Tax">taxed</a> to raise revenues for the <a href="/wiki/Nobility" title="Nobility">nobility</a> and the <a href="/wiki/Roman_Catholic_Church" class="mw-redirect" title="Roman Catholic Church">church</a>. Economic exchanges were regulated by <a href="/wiki/Feudalism" title="Feudalism">feudal</a> rights, such as the right to collect a <a href="/wiki/Toll_road" title="Toll road">toll</a> or hold a <a href="/wiki/Fair" title="Fair">fair</a>, as well as <a href="/wiki/Guild" title="Guild">guild</a> restrictions and religious restrictions on <a href="/wiki/Usury" title="Usury">lending</a>. Economic policy, such as it was, was designed to encourage trade through a particular area. Because of the importance of <a href="/wiki/Social_class" title="Social class">social class</a>, <a href="/wiki/Sumptuary_laws" class="mw-redirect" title="Sumptuary laws">sumptuary laws</a> were enacted, regulating dress and housing, including allowable styles, materials and frequency of purchase for different classes. <a href="/wiki/Niccol%C3%B2_Machiavelli" title="Niccolò Machiavelli">Niccolò Machiavelli</a> in his book <i><a href="/wiki/The_Prince" title="The Prince">The Prince</a></i> was one of the first authors to theorize economic policy in the form of advice. He did so by stating that princes and <a href="/wiki/Republic" title="Republic">republics</a> should limit their expenditures and prevent either the wealthy or the populace from despoiling the other. In this way a state would be seen as "generous" because it was not a heavy burden on its citizens. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Gerard_de_Malynes" title="Gerard de Malynes">Gerard de Malynes</a></li> <li><a href="/wiki/Edward_Misselden" title="Edward Misselden">Edward Misselden</a></li> <li><a href="/wiki/Thomas_Mun" title="Thomas Mun">Thomas Mun</a></li> <li><a href="/wiki/Jean_Bodin" title="Jean Bodin">Jean Bodin</a></li> <li><a href="/wiki/Jean_Baptiste_Colbert" class="mw-redirect" title="Jean Baptiste Colbert">Jean Baptiste Colbert</a></li> <li><a href="/wiki/Josiah_Child" title="Josiah Child">Josiah Child</a></li> <li><a href="/wiki/William_Petty" title="William Petty">William Petty</a></li> <li><a href="/wiki/John_Locke" title="John Locke">John Locke</a></li> <li><a href="/wiki/Charles_Davenant" title="Charles Davenant">Charles Davenant</a></li> <li><a href="/wiki/Dudley_North_(economist)" title="Dudley North (economist)">Dudley North</a></li> <li><a href="/wiki/Ferdinando_Galiani" title="Ferdinando Galiani">Ferdinando Galiani</a></li> <li><a href="/wiki/James_Denham-Steuart" class="mw-redirect" title="James Denham-Steuart">James Denham-Steuart</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Physiocrats">Physiocrats</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=9" title="Edit section: Physiocrats"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Physiocrats" class="mw-redirect" title="Physiocrats">Physiocrats</a></div> <p>The Physiocrats were 18th century French economists who emphasized the importance of productive work, and particularly agriculture, to an economy's wealth. Their early support of free trade and deregulation influenced <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> and the classical economists. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Anne_Robert_Jacques_Turgot" title="Anne Robert Jacques Turgot">Anne Robert Jacques Turgot</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Pierre_le_Pesant_de_Boisguilbert" class="mw-redirect" title="Pierre le Pesant de Boisguilbert">Pierre le Pesant de Boisguilbert</a></li> <li><a href="/wiki/Richard_Cantillon" title="Richard Cantillon">Richard Cantillon</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Classical_political_economy">Classical political economy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=10" title="Edit section: Classical political economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Classical_economics" title="Classical economics">Classical economics</a></div> <p>Classical economics, also called classical <a href="/wiki/Political_economy" title="Political economy">political economy</a>, was the original form of mainstream economics of the 18th and 19th centuries. Classical economics focuses on the tendency of markets to move to equilibrium and on objective theories of value. Neo-classical economics differs from classical economics primarily in being <a href="/wiki/Utilitarian" class="mw-redirect" title="Utilitarian">utilitarian</a> in its value theory and using marginal theory as the basis of its models and equations. Marxian economics also descends from classical theory. <a href="/wiki/Anders_Chydenius" title="Anders Chydenius">Anders Chydenius</a> (1729–1803) was the leading <a href="/wiki/Classical_liberalism" title="Classical liberalism">classical liberal</a> of <a href="/wiki/Nordic_countries" title="Nordic countries">Nordic</a> history. Chydenius, who was a <a href="/wiki/Finland" title="Finland">Finnish</a> priest and <a href="/wiki/Riksdag_of_the_estates" class="mw-redirect" title="Riksdag of the estates">member of parliament</a>, published a book called <i><a href="/wiki/The_National_Gain" title="The National Gain">The National Gain</a></i> in 1765, in which he proposes ideas of freedom of trade and industry and explores the relationship between economy and society and lays out the principles of <a href="/wiki/Liberalism" title="Liberalism">liberalism</a>, all of this eleven years before <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> published a similar and more comprehensive book, <i>The Wealth of Nations</i>. According to Chydenius, democracy, equality and a respect for human rights were the only way towards progress and happiness for the whole of society. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Francis_Hutcheson_(philosopher)" title="Francis Hutcheson (philosopher)">Francis Hutcheson</a></li> <li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">Bernard de Mandeville</a></li> <li><a href="/wiki/David_Hume" title="David Hume">David Hume</a></li> <li><a href="/wiki/Henry_George" title="Henry George">Henry George</a></li> <li><a href="/wiki/Thomas_Malthus" class="mw-redirect" title="Thomas Malthus">Thomas Malthus</a></li> <li><a href="/wiki/James_Mill" title="James Mill">James Mill</a></li> <li><a href="/wiki/Francis_Place" title="Francis Place">Francis Place</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a></li> <li><a href="/wiki/Henry_Thornton_(abolitionist)" class="mw-redirect" title="Henry Thornton (abolitionist)">Henry Thornton</a></li> <li><a href="/wiki/John_Ramsay_McCulloch" title="John Ramsay McCulloch">John Ramsay McCulloch</a></li> <li><a href="/wiki/James_Maitland,_8th_Earl_of_Lauderdale" title="James Maitland, 8th Earl of Lauderdale">James Maitland, 8th Earl of Lauderdale</a></li> <li><a href="/wiki/Jeremy_Bentham" title="Jeremy Bentham">Jeremy Bentham</a></li> <li><a href="/wiki/Jean_Charles_L%C3%A9onard_de_Sismondi" title="Jean Charles Léonard de Sismondi">Jean Charles Léonard de Sismondi</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">Johann Heinrich von Thünen</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">John Stuart Mill</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/Nassau_William_Senior" title="Nassau William Senior">Nassau William Senior</a></li> <li><a href="/wiki/Edward_Gibbon_Wakefield" title="Edward Gibbon Wakefield">Edward Gibbon Wakefield</a></li> <li><a href="/wiki/John_Rae_(economist)" title="John Rae (economist)">John Rae</a></li> <li><a href="/wiki/Thomas_Tooke_(economist)" class="mw-redirect" title="Thomas Tooke (economist)">Thomas Tooke</a></li> <li><a href="/wiki/Robert_Torrens_(economist)" title="Robert Torrens (economist)">Robert Torrens</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="American_School">American School</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=11" title="Edit section: American School"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/American_School_(economics)" title="American School (economics)">American School (economics)</a></div> <p>The American School owes its origin to the writings and economic policies of <a href="/wiki/Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a>, the first <a href="/wiki/Treasury_Secretary_of_the_United_States" class="mw-redirect" title="Treasury Secretary of the United States">Treasury Secretary of the United States</a>. It emphasized high <a href="/wiki/Tariffs" class="mw-redirect" title="Tariffs">tariffs</a> on imports to help develop the fledgling American manufacturing base and to finance infrastructure projects, as well as <a href="/wiki/Second_Report_on_Public_Credit" title="Second Report on Public Credit">National Banking</a>, <a href="/wiki/First_Report_on_the_Public_Credit" title="First Report on the Public Credit">Public Credit</a>, and <a href="/wiki/Report_on_Manufactures" title="Report on Manufactures">government investment</a> into advanced scientific and technological research and development. <a href="/wiki/Friedrich_List" title="Friedrich List">Friedrich List</a>, one of the most famous proponents of the <a href="/wiki/Economic_system" title="Economic system">economic system</a>, named it the National System, and was the main impetus behind the development of the German <a href="/wiki/Zollverein" title="Zollverein">Zollverein</a> and the economic policies of Germany under Chancellor <a href="/wiki/Otto_Von_Bismarck" class="mw-redirect" title="Otto Von Bismarck">Otto Von Bismarck</a> beginning in 1879. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a></li> <li><a href="/wiki/John_Quincy_Adams" title="John Quincy Adams">John Quincy Adams</a></li> <li><a href="/wiki/Henry_Clay" title="Henry Clay">Henry Clay</a></li> <li><a href="/wiki/Mathew_Carey" title="Mathew Carey">Mathew Carey</a></li> <li><a href="/wiki/Henry_Charles_Carey" title="Henry Charles Carey">Henry Charles Carey</a></li> <li><a href="/wiki/Abraham_Lincoln" title="Abraham Lincoln">Abraham Lincoln</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">Friedrich List</a></li> <li><a href="/wiki/Otto_Von_Bismarck" class="mw-redirect" title="Otto Von Bismarck">Otto Von Bismarck</a></li> <li><a href="/wiki/Arthur_Griffith" title="Arthur Griffith">Arthur Griffith</a></li> <li><a href="/wiki/William_McKinley" title="William McKinley">William McKinley</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="French_Liberal_School">French Liberal School</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=12" title="Edit section: French Liberal School"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/French_Liberal_School" class="mw-redirect" title="French Liberal School">French Liberal School</a></div> <p>The French Liberal School (also called the "Optimist School" or "Orthodox School") is a 19th-century school of economic thought that was centered on the Collège de France and the Institut de France. The Journal des Économistes was instrumental in promulgating the ideas of the School. The School voraciously defended free trade and laissez-faire capitalism. They were primary opponents of collectivist, interventionist and protectionist ideas. This made the French School a forerunner of the modern Austrian School. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Frédéric Bastiat</a></li> <li><a href="/wiki/Maurice_Block" title="Maurice Block">Maurice Block</a></li> <li><a href="/wiki/Pierre_Paul_Leroy-Beaulieu" title="Pierre Paul Leroy-Beaulieu">Pierre Paul Leroy-Beaulieu</a></li> <li><a href="/wiki/Gustave_de_Molinari" title="Gustave de Molinari">Gustave de Molinari</a></li> <li><a href="/wiki/Yves_Guyot" title="Yves Guyot">Yves Guyot</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Jean-Baptiste Say</a></li> <li><a href="/wiki/L%C3%A9on_Say" title="Léon Say">Léon Say</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="German_Historical_school">German Historical school</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=13" title="Edit section: German Historical school"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical school of economics</a></div> <p>The <a href="/wiki/Historical_school_of_economics" title="Historical school of economics">German historical school of economics</a> was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century. The Historical school held that history was the key source of knowledge about human actions and economic matters, since economics was culture-specific, and hence not generalizable over space and time. The School rejected the universal validity of economic theorems. They saw economics as resulting from careful empirical and historical analysis instead of from logic and mathematics. The School preferred historical, political, and social studies to self-referential mathematical modelling. Most members of the school were also Kathedersozialisten, i.e. concerned with social reform and improved conditions for the common man during a period of heavy industrialization. The Historical School can be divided into three tendencies: the Older, led by <a href="/wiki/Wilhelm_Roscher" class="mw-redirect" title="Wilhelm Roscher">Wilhelm Roscher</a>, <a href="/wiki/Karl_Knies" title="Karl Knies">Karl Knies</a>, and <a href="/wiki/Bruno_Hildebrand" title="Bruno Hildebrand">Bruno Hildebrand</a>; the Younger, led by <a href="/wiki/Gustav_von_Schmoller" title="Gustav von Schmoller">Gustav von Schmoller</a>, and also including <a href="/wiki/%C3%89tienne_Laspeyres" title="Étienne Laspeyres">Étienne Laspeyres</a>, <a href="/wiki/Karl_B%C3%BCcher" title="Karl Bücher">Karl Bücher</a>, <a href="/wiki/Adolph_Wagner" title="Adolph Wagner">Adolph Wagner</a>, and to some extent <a href="/wiki/Lujo_Brentano" title="Lujo Brentano">Lujo Brentano</a>; the Youngest, led by <a href="/wiki/Werner_Sombart" title="Werner Sombart">Werner Sombart</a> and including, to a very large extent, <a href="/wiki/Max_Weber" title="Max Weber">Max Weber</a>. </p><p>Predecessors included <a href="/wiki/Friedrich_List" title="Friedrich List">Friedrich List</a> and <a href="/wiki/Adam_M%C3%BCller" title="Adam Müller">Adam Müller</a>. The Historical school largely controlled appointments to Chairs of Economics in German universities, as many of the advisors of Friedrich Althoff, head of the university department in the Prussian Ministry of Education 1882–1907, had studied under members of the School. Moreover, Prussia was the intellectual powerhouse of Germany and so dominated academia, not only in central Europe, but also in the United States until about 1900, because the American economics profession was led by holders of German Ph.Ds. The Historical school was involved in the <i><a href="/wiki/Methodenstreit" title="Methodenstreit">Methodenstreit</a></i> ("strife over method") with the Austrian School, whose orientation was more theoretical and a prioristic. In English speaking countries, the Historical school is perhaps the least known and least understood approach to the study of economics, because it differs radically from the now-dominant Anglo-American analytical point of view. Yet the Historical school forms the basis—both in theory and in practice—of the <a href="/wiki/Social_market_economy" title="Social market economy">social market economy</a>, for many decades the dominant economic paradigm in most countries of continental Europe. The Historical school is also a source of <a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Joseph Schumpeter</a>'s dynamic, change-oriented, and innovation-based economics. Although his writings could be critical of the School, Schumpeter's work on the role of innovation and entrepreneurship can be seen as a continuation of ideas originated by the Historical School, especially the work of von Schmoller and Sombart. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Adam_M%C3%BCller" title="Adam Müller">Adam Müller</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">Friedrich List</a></li> <li><a href="/wiki/Wilhelm_Roscher" class="mw-redirect" title="Wilhelm Roscher">Wilhelm Roscher</a></li> <li><a href="/wiki/Gustav_von_Schmoller" title="Gustav von Schmoller">Gustav von Schmoller</a></li> <li><a href="/wiki/Werner_Sombart" title="Werner Sombart">Werner Sombart</a></li> <li><a href="/wiki/Max_Weber" title="Max Weber">Max Weber</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Joseph Schumpeter</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Karl Polanyi</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="English_historical_school">English historical school</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=14" title="Edit section: English historical school"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/English_historical_school_of_economics" title="English historical school of economics">English historical school of economics</a></div> <p>Although not nearly as famous as its German counterpart, there was also an English Historical School, whose figures included <a href="/wiki/William_Whewell" title="William Whewell">William Whewell</a>, <a href="/wiki/Richard_Jones_(economist)" title="Richard Jones (economist)">Richard Jones</a>, <a href="/wiki/Thomas_Edward_Cliffe_Leslie" title="Thomas Edward Cliffe Leslie">Thomas Edward Cliffe Leslie</a>, <a href="/wiki/Walter_Bagehot" title="Walter Bagehot">Walter Bagehot</a>, <a href="/wiki/Thorold_Rogers" title="Thorold Rogers">Thorold Rogers</a>, <a href="/wiki/Arnold_Toynbee_(historian,_born_1852)" title="Arnold Toynbee (historian, born 1852)">Arnold Toynbee</a>, <a href="/wiki/William_Cunningham_(economist)" title="William Cunningham (economist)">William Cunningham</a>, and <a href="/wiki/William_Ashley_(economic_historian)" title="William Ashley (economic historian)">William Ashley</a>. It was this school that heavily critiqued the deductive approach of the classical economists, especially the writings of <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a>. This school revered the inductive process and called for the merging of historical fact with those of the present period. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Edmund_Burke" title="Edmund Burke">Edmund Burke</a></li> <li><a href="/wiki/Richard_Jones_(economist)" title="Richard Jones (economist)">Richard Jones</a></li> <li><a href="/wiki/Thomas_Edward_Cliffe_Leslie" title="Thomas Edward Cliffe Leslie">Thomas Edward Cliffe Leslie</a></li> <li><a href="/wiki/Walter_Bagehot" title="Walter Bagehot">Walter Bagehot</a></li> <li><a href="/wiki/Thorold_Rogers" title="Thorold Rogers">Thorold Rogers</a></li> <li><a href="/wiki/William_Ashley_(economic_historian)" title="William Ashley (economic historian)">William J. Ashley</a></li> <li><a href="/wiki/William_Cunningham_(economist)" title="William Cunningham (economist)">William Cunningham</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="French_historical_school">French historical school</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=15" title="Edit section: French historical school"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Cl%C3%A9ment_Juglar" title="Clément Juglar">Clément Juglar</a></li> <li><a href="/wiki/Charles_Gide" title="Charles Gide">Charles Gide</a></li> <li><a href="/wiki/Albert_Aftalion" title="Albert Aftalion">Albert Aftalion</a></li> <li><a href="/wiki/%C3%89mile_Levasseur" class="mw-redirect" title="Émile Levasseur">Émile Levasseur</a></li> <li><a href="/wiki/Fran%C3%A7ois_Simiand" title="François Simiand">François Simiand</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Utopian_economics">Utopian economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=16" title="Edit section: Utopian economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/William_Godwin" title="William Godwin">William Godwin</a></li> <li><a href="/wiki/Charles_Fourier" title="Charles Fourier">Charles Fourier</a></li> <li><a href="/wiki/Robert_Owen" title="Robert Owen">Robert Owen</a></li> <li><a href="/wiki/Claude_Henri_de_Rouvroy,_comte_de_Saint-Simon" class="mw-redirect" title="Claude Henri de Rouvroy, comte de Saint-Simon">Saint-Simon</a></li> <li><a href="/wiki/Josiah_Warren" title="Josiah Warren">Josiah Warren</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Georgist_economics">Georgist economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=17" title="Edit section: Georgist economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Georgism" title="Georgism">Georgism</a></div> <p>Georgism or geoism is an economic philosophy proposing that both individual and national economic outcomes would be improved by the utilization of <a href="/wiki/Economic_rent" title="Economic rent">economic rent</a> resulting from control over land and natural resources through levies such as a <a href="/wiki/Land_value_tax" title="Land value tax">land value tax</a>. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Harry_Gunnison_Brown" title="Harry Gunnison Brown">Harry Gunnison Brown</a></li> <li><a href="/wiki/Raymond_Crotty" title="Raymond Crotty">Raymond Crotty</a></li> <li><a href="/wiki/Ottmar_Edenhofer" title="Ottmar Edenhofer">Ottmar Edenhofer</a></li> <li><a href="/wiki/Fred_Foldvary" title="Fred Foldvary">Fred Foldvary</a></li> <li><a href="/wiki/Mason_Gaffney" title="Mason Gaffney">Mason Gaffney</a></li> <li><a href="/wiki/Henry_George" title="Henry George">Henry George</a></li> <li><a href="/wiki/Max_Hirsch" title="Max Hirsch">Max Hirsch (economist)</a></li> <li><a href="/wiki/Wolf_Ladejinsky" title="Wolf Ladejinsky">Wolf Ladejinsky</a></li> <li><a href="/wiki/Philippe_Legrain" title="Philippe Legrain">Philippe Legrain</a></li> <li><a href="/wiki/Donald_Shoup" title="Donald Shoup">Donald Shoup</a></li> <li><a href="/wiki/Nicolaus_Tideman" title="Nicolaus Tideman">Nicolaus Tideman</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Ricardian_socialism">Ricardian socialism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=18" title="Edit section: Ricardian socialism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Ricardian_socialism" title="Ricardian socialism">Ricardian socialism</a></div> <p>Ricardian socialism is a branch of early 19th century classical economic thought based on the theory that labor is the source of all wealth and exchange value, and rent, profit and interest represent distortions to a free market. The pre-Marxian theories of capitalist exploitation they developed are widely regarded as having been heavily influenced by the works of <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a>, and favoured collective ownership of the <a href="/wiki/Means_of_production" title="Means of production">means of production</a>. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/John_Francis_Bray" title="John Francis Bray">John Francis Bray</a></li> <li><a href="/wiki/John_Gray_(19th_century_socialist)" class="mw-redirect" title="John Gray (19th century socialist)">John Gray</a></li> <li><a href="/wiki/Charles_Hall_(economist)" title="Charles Hall (economist)">Charles Hall</a></li> <li><a href="/wiki/Thomas_Hodgskin" title="Thomas Hodgskin">Thomas Hodgskin</a></li> <li><a href="/wiki/William_Thompson_(philosopher)" title="William Thompson (philosopher)">William Thompson</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Marxian_economics">Marxian economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=19" title="Edit section: Marxian economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Marxian_economics" title="Marxian economics">Marxian economics</a></div> <p>Marxian economics descended from the work of <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a> and <a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Friedrich Engels</a>. This school focuses on the <a href="/wiki/Labor_theory_of_value" title="Labor theory of value">labor theory of value</a> and what Marx considered to be the exploitation of labour by capital. Thus, in Marxian economics, the labour theory of value is a method for measuring the exploitation of labour in a capitalist society rather than simply a theory of price.<sup id="cite_ref-Roemer_20-0" class="reference"><a href="#cite_note-Roemer-20"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Mandel_21-0" class="reference"><a href="#cite_note-Mandel-21"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/David_Harvey" title="David Harvey">David Harvey</a></li> <li><a href="/wiki/Eduard_Bernstein" title="Eduard Bernstein">Eduard Bernstein</a></li> <li><a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Friedrich Engels</a></li> <li><a href="/wiki/Grigory_Feldman" title="Grigory Feldman">Grigory Feldman</a></li> <li><a href="/wiki/Rosa_Luxemburg" title="Rosa Luxemburg">Rosa Luxemburg</a></li> <li><a href="/wiki/Richard_D._Wolff" title="Richard D. Wolff">Richard D. Wolff</a></li> <li><a href="/wiki/Rudolf_Hilferding" title="Rudolf Hilferding">Rudolf Hilferding</a></li> <li><a href="/wiki/Karl_Kautsky" title="Karl Kautsky">Karl Kautsky</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/Nikolai_Bukharin" title="Nikolai Bukharin">Nikolai Bukharin</a></li> <li><a href="/wiki/Nobuo_Okishio" title="Nobuo Okishio">Nobuo Okishio</a></li> <li><a href="/wiki/Paul_Sweezy" title="Paul Sweezy">Paul Sweezy</a></li> <li><a href="/wiki/Samir_Amin" title="Samir Amin">Samir Amin</a></li> <li><a href="/wiki/Vladimir_Lenin" title="Vladimir Lenin">Vladimir Lenin</a></li> <li><a href="/wiki/Yevgeni_Preobrazhensky" title="Yevgeni Preobrazhensky">Yevgeni Preobrazhensky</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Neo-Marxian_economics">Neo-Marxian economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=20" title="Edit section: Neo-Marxian economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-Marxian economics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/David_Gordon_(economist)" title="David Gordon (economist)">David Gordon</a></li> <li><a href="/wiki/Samuel_Bowles_(economist)" title="Samuel Bowles (economist)">Samuel Bowles</a></li> <li><a href="/wiki/Paul_A._Baran" title="Paul A. Baran">Paul A. Baran</a></li> <li><a href="/wiki/Adam_Przeworski" title="Adam Przeworski">Adam Przeworski</a></li> <li><a href="/wiki/Henryk_Grossman" title="Henryk Grossman">Henryk Grossman</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="State_socialism">State socialism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=21" title="Edit section: State socialism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Socialist_economics" title="Socialist economics">Socialist economics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/State_socialism" title="State socialism">State socialism</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Claude_Henri_de_Rouvroy,_comte_de_Saint-Simon" class="mw-redirect" title="Claude Henri de Rouvroy, comte de Saint-Simon">Henri de Saint-Simon</a></li> <li><a href="/wiki/Ferdinand_Lassalle" title="Ferdinand Lassalle">Ferdinand Lassalle</a></li> <li><a href="/wiki/Johann_Karl_Rodbertus" title="Johann Karl Rodbertus">Johann Karl Rodbertus</a></li> <li><a href="/wiki/Fabian_Society" title="Fabian Society">Fabian Society</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Anarchist_economics">Anarchist economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=22" title="Edit section: Anarchist economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist economics</a></div> <p>Anarchist economics comprises a set of theories which seek to outline modes of production and exchange not governed by coercive social institutions: </p> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualists</a> advocate for market socialism with <a href="/wiki/Cooperatives" class="mw-redirect" title="Cooperatives">cooperatives</a>, <a href="/wiki/Mutual_bank" title="Mutual bank">mutual banking</a>, and <a href="/wiki/Mutualism_(economic_theory)#Ususfruct" title="Mutualism (economic theory)">usufructs</a>.</li> <li><a href="/wiki/Collectivist_anarchist" class="mw-redirect" title="Collectivist anarchist">Collectivist anarchists</a> advocate for <a href="/wiki/Collective_ownership" title="Collective ownership">collective ownership</a>, <a href="/wiki/Economic_planning#Decentralized_planning" title="Economic planning">decentralised economic planning</a>, and <a href="/wiki/Labour_voucher" title="Labour voucher">salaries based on the amount of time contributed to production</a>.</li> <li><a href="/wiki/Anarcho-communists" class="mw-redirect" title="Anarcho-communists">Anarcho-communists</a> advocate for a direct transition from capitalism to libertarian <a href="/wiki/Common_ownership" title="Common ownership">communism</a> and a <a href="/wiki/Gift_economy" title="Gift economy">gift economy</a> with direct <a href="/wiki/Intentional_community" title="Intentional community">communal</a> decision-making and <a href="/wiki/Free_association_of_producers" title="Free association of producers">free association</a>.</li> <li><a href="/wiki/Anarcho-syndicalist" class="mw-redirect" title="Anarcho-syndicalist">Anarcho-syndicalists</a> advocate for the abolition of <a href="/wiki/Wage_labour" title="Wage labour">wage labour</a>, <a href="/wiki/Industrial_unionism" title="Industrial unionism">industrial unionism</a>, and <a href="/wiki/Workers%27_self-management" title="Workers' self-management">workers' self-management</a> through <a href="/wiki/Syndicate#Labor_syndicates" title="Syndicate">syndicates</a>.</li></ul> <p>Thinkers associated with anarchist economics include: </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Charles_Fourier" title="Charles Fourier">Charles Fourier</a></li> <li><a href="/wiki/Pierre-Joseph_Proudhon" title="Pierre-Joseph Proudhon">Pierre-Joseph Proudhon</a></li> <li><a href="/wiki/Peter_Kropotkin" title="Peter Kropotkin">Peter Kropotkin</a></li> <li><a href="/wiki/Mikhail_Bakunin" title="Mikhail Bakunin">Mikhail Bakunin</a></li> <li><a href="/wiki/Josiah_Warren" title="Josiah Warren">Josiah Warren</a></li> <li><a href="/wiki/Lysander_Spooner" title="Lysander Spooner">Lysander Spooner</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Distributism">Distributism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=23" title="Edit section: Distributism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Distributism" title="Distributism">Distributism</a></div> <p>Distributism is an economic philosophy that was originally formulated in the late 19th century and early 20th century by Catholic thinkers to reflect the teachings of Pope Leo XIII's encyclical <i>Rerum Novarum</i> and Pope Pius's XI encyclical <i>Quadragesimo Anno</i>. It seeks to pursue a third way between capitalism and socialism, desiring to order society according to Christian principles of justice while still preserving private property. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/G._K._Chesterton" title="G. K. Chesterton">G. K. Chesterton</a></li> <li><a href="/wiki/Hilaire_Belloc" title="Hilaire Belloc">Hilaire Belloc</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Institutional_economics">Institutional economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=24" title="Edit section: Institutional economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Institutional_economics" title="Institutional economics">Institutional economics</a></div> <p>Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behaviour. Its original focus lay in <a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Thorstein Veblen</a>'s instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other. Its name and core elements trace back to a 1919 <i><a href="/wiki/American_Economic_Review" title="American Economic Review">American Economic Review</a></i> article by <a href="/wiki/Walton_H._Hamilton" class="mw-redirect" title="Walton H. Hamilton">Walton H. Hamilton</a>.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Thorstein Veblen</a></li> <li><a href="/wiki/John_R._Commons" title="John R. Commons">John Rogers Commons</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maurice_Clark" title="John Maurice Clark">John Maurice Clark</a></li> <li><a href="/wiki/Robert_A._Brady_(economist)" class="mw-redirect" title="Robert A. Brady (economist)">Robert A. Brady</a></li> <li><a href="/wiki/Clarence_Edwin_Ayres" title="Clarence Edwin Ayres">Clarence Edwin Ayres</a></li> <li><a href="/wiki/Romesh_Dutt" class="mw-redirect" title="Romesh Dutt">Romesh Dutt</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">John Kenneth Galbraith</a></li> <li><a href="/wiki/Geoffrey_Hodgson" title="Geoffrey Hodgson">Geoffrey Hodgson</a></li> <li><a href="/wiki/Ha-Joon_Chang" title="Ha-Joon Chang">Ha-Joon Chang</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Neoclassical_economics">Neoclassical economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=25" title="Edit section: Neoclassical economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical economics</a></div> <p>Neoclassical economics is often referred to by its critics as <b>Orthodox Economics</b>. The more specific definition this approach implies was captured by <a href="/wiki/Lionel_Robbins" title="Lionel Robbins">Lionel Robbins</a> in a <a href="/wiki/An_Essay_on_the_Nature_and_Significance_of_Economic_Science" title="An Essay on the Nature and Significance of Economic Science">1932 essay</a>: "the science which studies human behavior as a relation between scarce means having alternative uses." The definition of scarcity is that available resources are insufficient to satisfy all wants and needs; if there is no scarcity and no alternative uses of available resources, then there is no <a href="/wiki/Economic_problem" title="Economic problem">economic problem</a>. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">William Stanley Jevons</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Francis Ysidro Edgeworth</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Alfred Marshall</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">John Bates Clark</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Lausanne_School">Lausanne School</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=26" title="Edit section: Lausanne School"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Schools_of_economic_thought" title="Special:EditPage/Schools of economic thought">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">February 2023</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne School</a></div><p>The Lausanne School of economics is an extension of the <a href="/wiki/Neoclassical_school_of_economics" class="mw-redirect" title="Neoclassical school of economics">neoclassical school</a> of economic thought, named after the <a href="/wiki/University_of_Lausanne" title="University of Lausanne">University of Lausanne</a> in <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a>. The school is primarily associated with <a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a> and <a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Vilfredo Pareto</a>, both of whom held successive professorships in political economy at the university, in the latter half of the 19th century.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Beginning with Walras, the school is credited with playing a central role in the development of <a href="/wiki/Mathematical_economics" title="Mathematical economics">mathematical economics</a>. For this reason, the school has also been referred to as the Mathematical School.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> A notable work of the Lausanne School is Walras' development of the <a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">general equilibrium theory</a><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> as a holistic means of analysing the economy, in contrast to <a href="/wiki/Partial_equilibrium" title="Partial equilibrium">partial equilibrium theory</a>, which only analyses single markets in isolation.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> The theory shows how a general equilibrium is reached through the interaction between demand and supply in an economy consisting of multiple markets operating simultaneously. </p><p>The Lausanne School is also largely credited with the foundation of <a href="/wiki/Welfare_economics" title="Welfare economics">welfare economics</a>, through which Pareto sought to measure the welfare of an economy.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Contrary to <a href="/wiki/Utilitarianism" title="Utilitarianism">utilitarianism</a>, Pareto found that the welfare of an economy cannot be measured by aggregating the individual utilities of its inhabitants. Since individual utilities are subjective, their measurements may not be directly comparable. This led Pareto to conclude that if at least one person's utility increased, while nobody else was any worse off, then the welfare of the economy would increase. Conversely, if a majority of people experienced an increase in utility while at least one person was worse off, there could be no definitive conclusion about the welfare of the economy.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> These observations formed the basis of <a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a>, which describes a situation or outcome in which nobody can be made better off without also making someone else worse off.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> Pareto efficiency is still widely used in contemporary welfare economics as well as <a href="/wiki/Game_theory" title="Game theory">game theory</a>.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Vilfredo Pareto</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Austrian_School">Austrian School</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=27" title="Edit section: Austrian School"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a></div> <p>Austrian economists advocate <a href="/wiki/Methodological_individualism" title="Methodological individualism">methodological individualism</a> in interpreting economic developments, the <a href="/wiki/Subjective_theory_of_value" title="Subjective theory of value">subjective theory of value</a>, that money is <a href="/wiki/Neutrality_of_money" title="Neutrality of money">non-neutral</a>, and emphasize the <a href="/wiki/Spontaneous_order" title="Spontaneous order">organizing power</a> of the <a href="/wiki/Price_mechanism" title="Price mechanism">price mechanism</a> (see <i><a href="/wiki/Economic_calculation_debate" class="mw-redirect" title="Economic calculation debate">Economic calculation debate</a></i>) and a <i><a href="/wiki/Laissez_faire" class="mw-redirect" title="Laissez faire">laissez faire</a></i> approach to the economy.<sup id="cite_ref-raico_32-0" class="reference"><a href="#cite_note-raico-32"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Carl_Menger" title="Carl Menger">Carl Menger</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">Eugen von Böhm-Bawerk</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">Friedrich von Wieser</a></li> <li><a href="/wiki/Henry_Hazlitt" title="Henry Hazlitt">Henry Hazlitt</a></li> <li><a href="/wiki/Frank_Fetter" title="Frank Fetter">Frank Fetter</a></li> <li><a href="/wiki/Israel_Kirzner" title="Israel Kirzner">Israel Kirzner</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Murray Rothbard</a></li> <li><a href="/wiki/Robert_P._Murphy" title="Robert P. Murphy">Robert P. Murphy</a></li> <li><a href="/wiki/Lew_Rockwell" title="Lew Rockwell">Lew Rockwell</a></li> <li><a href="/wiki/Peter_Schiff" title="Peter Schiff">Peter Schiff</a></li> <li><a href="/wiki/Marc_Faber" title="Marc Faber">Marc Faber</a></li> <li><a href="/wiki/Walter_Block" title="Walter Block">Walter Block</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hans-Hermann Hoppe</a></li> <li><a href="/wiki/Jes%C3%BAs_Huerta_de_Soto" title="Jesús Huerta de Soto">Jesús Huerta de Soto</a></li> <li><a href="/wiki/Fritz_Machlup" title="Fritz Machlup">Fritz Machlup</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Stockholm_School">Stockholm School</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=28" title="Edit section: Stockholm School"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Stockholm_School" class="mw-redirect" title="Stockholm School">Stockholm School</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Schools_of_economic_thought" title="Special:EditPage/Schools of economic thought">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">February 2023</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The Stockholm School is a school of economic thought. It refers to a loosely organized group of Swedish economists that worked together, in Stockholm, Sweden primarily in the 1930s. </p><p>The Stockholm School had—like John Maynard Keynes—come to the same conclusions in macroeconomics and the theories of demand and supply. Like Keynes, they were inspired by the works of Knut Wicksell, a Swedish economist active in the early years of the twentieth century. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Bertil_Ohlin" title="Bertil Ohlin">Bertil Ohlin</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Keynesian_economics">Keynesian economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=29" title="Edit section: Keynesian economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Schools_of_economic_thought" title="Special:EditPage/Schools of economic thought">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">February 2023</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a>, <a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian economics</a>, <a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-Keynesian economics</a>, and <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesian economics</a></div> <p>Keynesian economics has developed from the work of <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> and focused on macroeconomics in the short-run, particularly the rigidities caused when prices are fixed. It has two successors. <a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian economics</a> is an alternative school—one of the successors to the Keynesian tradition with a focus on <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomics</a>. They concentrate on macroeconomic rigidities and adjustment processes, and research micro foundations for their models based on real-life practices rather than simple optimizing models. Generally associated with <a href="/wiki/Cambridge,_England" class="mw-redirect" title="Cambridge, England">Cambridge, England</a>, and the work of <a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a> (see <a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian economics</a>). <a href="/wiki/New-Keynesian_economics" class="mw-redirect" title="New-Keynesian economics">New-Keynesian economics</a> is the other school associated with developments in the Keynesian fashion. These researchers tend to share with other <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> economists the emphasis on models based on micro foundations and optimizing behavior, but focus more narrowly on standard Keynesian themes such as price and wage rigidity. These are usually made to be endogenous features of these models, rather than simply assumed as in older style Keynesian ones (see <a href="/wiki/New-Keynesian_economics" class="mw-redirect" title="New-Keynesian economics">New-Keynesian economics</a>). </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Peter_Bofinger" title="Peter Bofinger">Peter Bofinger</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Nouriel_Roubini" title="Nouriel Roubini">Nouriel Roubini</a></li> <li><a href="/wiki/Stanley_Fischer" title="Stanley Fischer">Stanley Fischer</a></li> <li><a href="/wiki/Gregory_Mankiw" class="mw-redirect" title="Gregory Mankiw">Gregory Mankiw</a></li> <li><a href="/wiki/Jason_Furman" title="Jason Furman">Jason Furman</a></li> <li><a href="/wiki/Huw_Dixon" title="Huw Dixon">Huw Dixon</a><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (February 2023)">citation needed</span></a></i>]</sup></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Chicago_school">Chicago school</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=30" title="Edit section: Chicago school"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago school of economics</a></div> <p>The Chicago School is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, notable particularly in macroeconomics for developing <a href="/wiki/Monetarism" title="Monetarism">monetarism</a> as an alternative to Keynesianism and its influence on the use of <a href="/wiki/Rational_expectations" title="Rational expectations">rational expectations</a> in macroeconomic modelling. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Frank_Knight" title="Frank Knight">Frank H. Knight</a></li> <li><a href="/wiki/Jacob_Viner" title="Jacob Viner">Jacob Viner</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Thomas Sowell</a></li> <li><a href="/wiki/George_Stigler" title="George Stigler">George Stigler</a></li> <li><a href="/wiki/Harry_Markowitz" title="Harry Markowitz">Harry Markowitz</a></li> <li><a href="/wiki/Merton_Miller" title="Merton Miller">Merton Miller</a></li> <li><a href="/wiki/Robert_Lucas,_Jr." class="mw-redirect" title="Robert Lucas, Jr.">Robert Lucas, Jr.</a></li> <li><a href="/wiki/Eugene_Fama" title="Eugene Fama">Eugene Fama</a></li> <li><a href="/wiki/Myron_Scholes" title="Myron Scholes">Myron Scholes</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Gary Becker</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/James_Heckman" title="James Heckman">James Heckman</a></li> <li><a href="/wiki/Robert_Z._Aliber" title="Robert Z. Aliber">Robert Z. Aliber</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Carnegie_School">Carnegie School</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=31" title="Edit section: Carnegie School"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Carnegie_School" title="Carnegie School">Carnegie School</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Herbert A. Simon</a></li> <li><a href="/wiki/Richard_Cyert" title="Richard Cyert">Richard Cyert</a></li> <li><a href="/wiki/James_March" class="mw-redirect" title="James March">James March</a></li> <li><a href="/wiki/Victor_Vroom" title="Victor Vroom">Victor Vroom</a></li> <li><a href="/wiki/Oliver_E._Williamson" title="Oliver E. Williamson">Oliver E. Williamson</a></li> <li><a href="/wiki/John_Muth" title="John Muth">John Muth</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Neo-Ricardianism">Neo-Ricardianism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=32" title="Edit section: Neo-Ricardianism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Neo-Ricardianism" title="Neo-Ricardianism">Neo-Ricardianism</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Piero Sraffa</a></li> <li><a href="/wiki/Luigi_L._Pasinetti" class="mw-redirect" title="Luigi L. Pasinetti">Luigi L. Pasinetti</a></li> <li><a href="/wiki/Vladimir_Karpovich_Dmitriev" title="Vladimir Karpovich Dmitriev">Vladimir Karpovich Dmitriev</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="New_institutional_economics">New institutional economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=33" title="Edit section: New institutional economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional economics</a></div> <p>New institutional economics is a perspective that attempts to extend economics by focusing on the <a href="/wiki/Sociology" title="Sociology">social</a> and <a href="/wiki/Legal" class="mw-redirect" title="Legal">legal</a> <a href="/wiki/Norm_(sociology)" class="mw-redirect" title="Norm (sociology)">norms</a> and rules (which are <a href="/wiki/Institution" title="Institution">institutions</a>) that underlie economic activity and with analysis beyond earlier <a href="/wiki/Institutional_economics" title="Institutional economics">institutional economics</a> and <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economics</a>.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> It can be seen as a broadening step to include aspects excluded in neoclassical economics. It rediscovers aspects of classical <a href="/wiki/Political_economy" title="Political economy">political economy</a>. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Douglass_North" title="Douglass North">Douglass North</a></li> <li><a href="/wiki/Oliver_E._Williamson" title="Oliver E. Williamson">Oliver E. Williamson</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Ronald Coase</a></li> <li><a href="/wiki/Daron_Acemoglu" title="Daron Acemoglu">Daron Acemoglu</a></li> <li><a href="/wiki/Steven_N._S._Cheung" title="Steven N. S. Cheung">Steven N. S. Cheung</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="20th_century_schools">20th century schools</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=34" title="Edit section: 20th century schools"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Schools_of_economic_thought" title="Special:EditPage/Schools of economic thought">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">March 2015</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Duplication plainlinks metadata ambox ambox-style" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/40px-Edit-clear.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/60px-Edit-clear.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/80px-Edit-clear.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b><a href="/wiki/Wikipedia:CFORK" class="mw-redirect" title="Wikipedia:CFORK">duplicates</a> the scope of other sections</b>, specifically <a href="/w/index.php?title=Historical_economic_thought&action=edit&redlink=1" class="new" title="Historical economic thought (page does not exist)">Historical economic thought</a>.<span class="hide-when-compact"> Please <a href="/wiki/Talk:Schools_of_economic_thought" title="Talk:Schools of economic thought">discuss this issue</a> and help introduce a <a href="/wiki/Wikipedia:Summary_style" title="Wikipedia:Summary style">summary style</a> to the section by replacing the section with a link and a summary or by <a href="/wiki/Wikipedia:SPLIT" class="mw-redirect" title="Wikipedia:SPLIT">splitting the content</a> into a new article.</span> <span class="date-container"><i>(<span class="date">September 2020</span>)</i></span></div></td></tr></tbody></table> <p>Notable schools or trends of thought in economics in the 20th century were as follows. These were advocated by well-defined groups of academics that became widely known: </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col" style="column-width: 20em;"> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a></li> <li><a href="/wiki/Biological_economics" title="Biological economics">Biological economics</a></li> <li><a href="/wiki/Chicago_school_(economics)" class="mw-redirect" title="Chicago school (economics)">Chicago School</a></li> <li><a href="/wiki/Constitutional_economics" title="Constitutional economics">Constitutional economics</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary economics</a></li> <li><a href="/wiki/Free-market_anarchism" class="mw-redirect" title="Free-market anarchism">Free-market anarchism</a></li> <li><a href="/wiki/Freiburg_School" class="mw-redirect" title="Freiburg School">Freiburg School</a></li> <li><span title="German-language text"><i lang="de"><a href="/wiki/Freiwirtschaft" title="Freiwirtschaft">Freiwirtschaft</a></i></span></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional economics</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian (Marxist)</a> and <a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">neo-Marxian economics</a></li> <li><a href="/wiki/Neo-Ricardianism" title="Neo-Ricardianism">Neo-Ricardianism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical macroeconomics</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesian economics</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian economics</a></li> <li><a href="/wiki/Public_Choice_Theory" class="mw-redirect" title="Public Choice Theory">Public Choice school</a></li> <li><a href="/wiki/School_of_Lausanne" class="mw-redirect" title="School of Lausanne">School of Lausanne</a></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm school</a></li></ul> </div> <p>In the late 20th century, areas of study that produced change in economic thinking were: risk-based (rather than price-based models), imperfect economic actors, and treating economics as a <a href="/wiki/Biology" title="Biology">biological science</a> (based on <a href="/wiki/Evolution" title="Evolution">evolutionary</a> norms rather than abstract exchange). </p><p>The study of <a href="/wiki/Risk" title="Risk">risk</a> was influential, in viewing variations in price over time as more important than actual price. This applied particularly to financial economics, where risk/return tradeoffs were the crucial decisions to be made. </p><p>An important area of growth was the study of information and decision. Examples of this school included the work of <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a>. Problems of asymmetric information and <a href="/wiki/Moral_hazard" title="Moral hazard">moral hazard</a>, both based around information economics, profoundly affected modern economic dilemmas like executive <a href="/wiki/Stock_option" class="mw-redirect" title="Stock option">stock options</a>, <a href="/wiki/Insurance" title="Insurance">insurance</a> markets, and <a href="/wiki/Third_World" title="Third World">Third-World</a> <a href="/wiki/Debt_relief" title="Debt relief">debt relief</a>. </p><p>Finally, there were a series of economic ideas rooted in the conception of economics as a branch of biology, including the idea that energy relationships, rather than price relationships, determine economic structure. The use of <a href="/wiki/Fractal" title="Fractal">fractal</a> <a href="/wiki/Geometry" title="Geometry">geometry</a> to create economic models (see <a href="/wiki/Energy_Economics" class="mw-redirect" title="Energy Economics">Energy Economics</a>). In its infancy the application of <a href="/wiki/Non-linear_dynamics" class="mw-redirect" title="Non-linear dynamics">non-linear dynamics</a> to economic theory, as well as the application of <a href="/wiki/Evolutionary_psychology" title="Evolutionary psychology">evolutionary psychology</a> explored the processes of valuation and the persistence of non-equilibrium conditions. The most visible work was in the area of applying fractals to <a href="/wiki/Market_analysis" title="Market analysis">market analysis</a>. Another infant branch of economics was <a href="/wiki/Neuroeconomics" title="Neuroeconomics">neuroeconomics</a>. The latter combines <a href="/wiki/Neuroscience" title="Neuroscience">neuroscience</a>, economics, and <a href="/wiki/Psychology" title="Psychology">psychology</a> to study how we make choices. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=35" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col" style="column-width: 20em;"> <ul><li><a href="/wiki/Birmingham_School_(economics)" class="mw-redirect" title="Birmingham School (economics)">Birmingham School</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist economics</a></li> <li><a href="/wiki/Economic_ideology" title="Economic ideology">Economic ideology</a></li> <li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History of economic thought</a></li> <li><a href="/wiki/JEL_classification_codes#History_of_economic_thought,_methodology,_and_heterodox_approaches_JEL:_B_Subcategories" title="JEL classification codes">Economic thought (category B)</a> (<a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL code</a>)</li> <li><a href="/wiki/Kameralism" class="mw-redirect" title="Kameralism">Kameralism</a></li> <li><a href="/wiki/Manchester_capitalism" class="mw-redirect" title="Manchester capitalism">Manchester School</a></li> <li><a href="/wiki/Structuralist_economics" title="Structuralist economics">Structuralist economics</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=36" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-lower-alpha" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">Saltwater economists are generally associated with <a href="/wiki/Cornell_University" title="Cornell University">Cornell</a>, <a href="/wiki/University_of_California,_Berkeley" title="University of California, Berkeley">Berkeley</a>, <a href="/wiki/Harvard" class="mw-redirect" title="Harvard">Harvard</a>, <a href="/wiki/MIT" class="mw-redirect" title="MIT">MIT</a>, <a href="/wiki/Princeton_University" title="Princeton University">Princeton</a>, and <a href="/wiki/Yale" class="mw-redirect" title="Yale">Yale</a><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2019)">citation needed</span></a></i>]</sup></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Freshwater economists generally hail from the interior of the nation, represented by the <a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago school of economics</a>, <a href="/wiki/Carnegie_Mellon_University" title="Carnegie Mellon University">Carnegie Mellon University</a>, the <a href="/wiki/University_of_Rochester" title="University of Rochester">University of Rochester</a> and the <a href="/wiki/University_of_Minnesota" title="University of Minnesota">University of Minnesota</a><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2019)">citation needed</span></a></i>]</sup></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=37" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-mankiw7e-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-mankiw7e_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFMankiw2010" class="citation book cs1">Mankiw, N Gregory (2010). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.org/details/macroeconomicsth00mank"><i>Macroeconomics</i></a></span> (7th ed.). New York: Worth Publishers. p. <a rel="nofollow" class="external text" href="https://archive.org/details/macroeconomicsth00mank/page/n53">15</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4292-1887-0" title="Special:BookSources/978-1-4292-1887-0"><bdi>978-1-4292-1887-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics&rft.place=New+York&rft.pages=15&rft.edition=7th&rft.pub=Worth+Publishers&rft.date=2010&rft.isbn=978-1-4292-1887-0&rft.aulast=Mankiw&rft.aufirst=N+Gregory&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmacroeconomicsth00mank&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASchools+of+economic+thought" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTEMankiw201013-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEMankiw201013_2-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFMankiw2010">Mankiw 2010</a>, p. 13.</span> </li> <li id="cite_note-blanchard_future-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-blanchard_future_5-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlanchard2018" class="citation journal cs1">Blanchard, Oliver (5 January 2018). <a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Foxrep%2Fgrx045">"On the future of macroeconomic models"</a>. <i>Oxford Review of Economic Policy</i>. <b>34</b> (1–2): 43–54. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Foxrep%2Fgrx045">10.1093/oxrep/grx045</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Oxford+Review+of+Economic+Policy&rft.atitle=On+the+future+of+macroeconomic+models&rft.volume=34&rft.issue=1%E2%80%932&rft.pages=43-54&rft.date=2018-01-05&rft_id=info%3Adoi%2F10.1093%2Foxrep%2Fgrx045&rft.aulast=Blanchard&rft.aufirst=Oliver&rft_id=https%3A%2F%2Fdoi.org%2F10.1093%252Foxrep%252Fgrx045&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASchools+of+economic+thought" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">Woodford, Michael. <i>Convergence in Macroeconomics: Elements of the New Synthesis</i>. January 2009. <a rel="nofollow" class="external free" href="http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf">http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf</a>.</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJelvehKogutNaidu2018" class="citation ssrn cs1">Jelveh, Zubin; Kogut, Bruce; Naidu, Suresh (17 September 2018). 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Retrieved <span class="nowrap">2021-04-25</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Producers%2C+Consumers%2C+and+Partial+Equilibrium+%7C+ScienceDirect&rft.pub=Elsevier+Science&rft.date=2016-11-04&rft.isbn=9780128110232&rft.aulast=Mandy&rft.aufirst=David&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fbook%2F9780128110232%2Fproducers-consumers-and-partial-equilibrium&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASchools+of+economic+thought" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBackhausMaks2006" class="citation book cs1">Backhaus, Jürgen Georg; Maks, Hans J. A., eds. (2006). <a rel="nofollow" class="external text" href="https://www.springer.com/gp/book/9780387337562"><i>From Walras to Pareto</i></a>. The European Heritage in Economics and the Social Sciences. Springer US. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2F978-0-387-33757-9">10.1007/978-0-387-33757-9</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-387-33756-2" title="Special:BookSources/978-0-387-33756-2"><bdi>978-0-387-33756-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=From+Walras+to+Pareto&rft.series=The+European+Heritage+in+Economics+and+the+Social+Sciences&rft.pub=Springer+US&rft.date=2006&rft_id=info%3Adoi%2F10.1007%2F978-0-387-33757-9&rft.isbn=978-0-387-33756-2&rft_id=https%3A%2F%2Fwww.springer.com%2Fgp%2Fbook%2F9780387337562&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASchools+of+economic+thought" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSuntum2005" class="citation book cs1">Suntum, Ulrich van (2005-03-08). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=mJ4TfKL4wcAC"><i>The Invisible Hand: Economic Thought Yesterday and Today</i></a>. Springer Science & Business Media. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-540-20497-8" title="Special:BookSources/978-3-540-20497-8"><bdi>978-3-540-20497-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Invisible+Hand%3A+Economic+Thought+Yesterday+and+Today&rft.pub=Springer+Science+%26+Business+Media&rft.date=2005-03-08&rft.isbn=978-3-540-20497-8&rft.aulast=Suntum&rft.aufirst=Ulrich+van&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DmJ4TfKL4wcAC&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASchools+of+economic+thought" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLtd2018" class="citation book cs1">Ltd, Macmillan Publishers, ed. (2018). <a rel="nofollow" class="external text" href="https://www.palgrave.com/gp/book/9781349951888"><i>The New Palgrave Dictionary of Economics</i></a> (3 ed.). Palgrave Macmillan UK. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-349-95188-8" title="Special:BookSources/978-1-349-95188-8"><bdi>978-1-349-95188-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+New+Palgrave+Dictionary+of+Economics&rft.edition=3&rft.pub=Palgrave+Macmillan+UK&rft.date=2018&rft.isbn=978-1-349-95188-8&rft_id=https%3A%2F%2Fwww.palgrave.com%2Fgp%2Fbook%2F9781349951888&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASchools+of+economic+thought" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.cambridge.org/au/academic/subjects/economics/public-economics-and-public-policy/cost-benefit-analysis-concepts-and-practice-5th-edition,%20https://www.cambridge.org/au/academic/subjects/economics/public-economics-and-public-policy">"Cost-Benefit Analysis | Public economics and public policy"</a>. <i>Cambridge University Press</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2021-04-25</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Cambridge+University+Press&rft.atitle=Cost-Benefit+Analysis+%7C+Public+economics+and+public+policy&rft_id=https%3A%2F%2Fwww.cambridge.org%2Fau%2Facademic%2Fsubjects%2Feconomics%2Fpublic-economics-and-public-policy%2Fcost-benefit-analysis-concepts-and-practice-5th-edition%2C%2520https%3A%2F%2Fwww.cambridge.org%2Fau%2Facademic%2Fsubjects%2Feconomics%2Fpublic-economics-and-public-policy&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASchools+of+economic+thought" class="Z3988"></span></span> </li> <li id="cite_note-raico-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-raico_32-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRaico2011" class="citation web cs1">Raico, Ralph (2011). <a rel="nofollow" class="external text" href="https://mises.org/etexts/austrianliberalism.asp">"Austrian Economics and Classical Liberalism"</a>. <i>mises.org</i>. Mises Institute<span class="reference-accessdate">. Retrieved <span class="nowrap">27 July</span> 2011</span>. <q>despite the particular policy views of its founders ..., Austrianism was perceived as the economics of the free market.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=mises.org&rft.atitle=Austrian+Economics+and+Classical+Liberalism&rft.date=2011&rft.aulast=Raico&rft.aufirst=Ralph&rft_id=https%3A%2F%2Fmises.org%2Fetexts%2Faustrianliberalism.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASchools+of+economic+thought" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text">Malcolm Rutherford (2001). "Institutional Economics: Then and Now," <i>Journal of Economic Perspectives</i>, 15(3), pp. 185-90 (<a rel="nofollow" class="external text" href="http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.15.3.173">173-194</a>).<br />L. J. Alston, (2008). "new institutional economics," <i><a href="/wiki/The_New_Palgrave_Dictionary_of_Economics" title="The New Palgrave Dictionary of Economics">The New Palgrave Dictionary of Economics</a></i>, 2nd Edition. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_N000170&q=institutional&topicid=&result_number=2">Abstract.</a></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Sources">Sources</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=38" title="Edit section: Sources"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGalbács2015" class="citation book cs1">Galbács, Peter (2015). <i>The Theory of New Classical Macroeconomics. A Positive Critique</i>. Contributions to Economics. Heidelberg/New York/Dordrecht/London: Springer. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2F978-3-319-17578-2">10.1007/978-3-319-17578-2</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-319-17578-2" title="Special:BookSources/978-3-319-17578-2"><bdi>978-3-319-17578-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Theory+of+New+Classical+Macroeconomics.+A+Positive+Critique&rft.place=Heidelberg%2FNew+York%2FDordrecht%2FLondon&rft.series=Contributions+to+Economics&rft.pub=Springer&rft.date=2015&rft_id=info%3Adoi%2F10.1007%2F978-3-319-17578-2&rft.isbn=978-3-319-17578-2&rft.aulast=Galb%C3%A1cs&rft.aufirst=Peter&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASchools+of+economic+thought" class="Z3988"></span></li> <li>Spiegel, Henry William. 1991. <i>The Growth of Economic Thought.</i> Durham & London: <a href="/wiki/Duke_University_Press" title="Duke University Press">Duke University Press</a>. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-8223-0973-4" title="Special:BookSources/0-8223-0973-4">0-8223-0973-4</a></li> <li>John Eatwell, Murray Milgate, and Peter Newman, ed. (1987). <i><a href="/wiki/The_New_Palgrave:_A_Dictionary_of_Economics" class="mw-redirect" title="The New Palgrave: A Dictionary of Economics">The New Palgrave: A Dictionary of Economics</a></i>, v. 4, Appendix IV, History of Economic Thought and Doctrine, "Schools of Thought," p. 980 (list of 23 schools)</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Schools_of_economic_thought&action=edit&section=39" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20110629230810/http://www.newschool.edu/nssr/het/">History of Economic Thought and Critical Perspectives (NSSR)</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style 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style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Birmingham_School_(economics)" class="mw-redirect" title="Birmingham School (economics)">Birmingham</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a> <ul><li><a href="/wiki/Ricardian_economics" title="Ricardian economics">Ricardian</a></li></ul></li> <li><a href="/wiki/Distributism" title="Distributism">Distributist</a></li> <li><a href="/wiki/English_historical_school_of_economics" title="English historical school of economics">English historical</a></li> <li><a href="/wiki/French_liberal_school" title="French liberal school">French liberal</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a 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class="navbox-group" style="width:1%">Contemporary<br />(20th and<br />21st centuries)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Capability_approach" title="Capability approach">Capability approach</a></li> <li><a href="/wiki/Carnegie_School" title="Carnegie School">Carnegie</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">Modern Monetary Theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Constitutional_economics" title="Constitutional economics">Constitutional</a></li> <li><a href="/wiki/Krak%C3%B3w_School_of_Economics" title="Kraków School of Economics">Cracovian</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Freiburg_school" title="Freiburg school">Freiburg</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> <ul><li><a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">Neoclassical–Keynesian synthesis</a></li></ul></li> <li><a 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economics">Neo-Schumpeterian</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational expectations theory</a></li> <li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a></li> <li><a href="/wiki/Regulation_school" title="Regulation school">Regulation</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater/freshwater</a></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Structuralist_economics" title="Structuralist economics">Structuralist</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Technocracy_movement" title="Technocracy movement">Technocracy movement</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermoeconomics</a></li> <li><a href="/wiki/Virginia_school_of_political_economy" title="Virginia school of political economy">Virginia</a></li> <li><a href="/wiki/Social_credit" title="Social credit">Social credit</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History of economic thought</a></li> <li><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">History of macroeconomic thought</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream economics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox economics</a></li> <li><a href="/wiki/Post-autistic_economics" title="Post-autistic economics">Post-autistic economics</a></li> <li><a href="/wiki/Degrowth" title="Degrowth">Degrowth</a></li> <li><a href="/wiki/World-systems_theory" title="World-systems theory">World-systems theory</a></li> <li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"></div><div role="navigation" class="navbox" aria-labelledby="Economics" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics" title="Template:Economics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics" title="Template talk:Economics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics" title="Special:EditPage/Template:Economics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economics" style="font-size:114%;margin:0 4em"><a href="/wiki/Economics" title="Economics">Economics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Theoretical_research" title="Economics">Theoretical</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a> <ul><li><a href="/wiki/Decision_theory" title="Decision theory">Decision theory</a></li> <li><a href="/wiki/Price_theory" class="mw-redirect" title="Price theory">Price theory</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a></li> <li><a href="/wiki/Mechanism_design" title="Mechanism design">Mechanism design</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li> <li><a href="/wiki/Complexity_economics" title="Complexity economics">Complexity economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a> <ul><li><a href="/wiki/Agent-based_computational_economics" title="Agent-based computational economics">Agent-based computational economics</a></li></ul></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral economics</a></li> <li><a href="/wiki/Pluralism_in_economics" title="Pluralism in economics">Pluralism in economics</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Empirical_research" title="Economics">Empirical</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a> <ul><li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li></ul></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Economic history</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a class="mw-selflink selflink">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. 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