Schools of economic thought

school of economic thoughteconomic schoolseconomic schools of thoughteconomics schoolschoolschool of economyschoolsSchools of economicsschools of thoughtCambridge School
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work.wikipedia
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History of economic thought

history of economicshistorian of economic thoughteconomic thought
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work.
This field encompasses many disparate schools of economic thought.

Heterodox economics

heterodoxheterodox economistsheterodox economist
Some influential approaches of the past, such as the historical school of economics and institutional economics, have become defunct or have declined in influence, and are now considered heterodox approaches.
Heterodoxy is a term that may be used in contrast with orthodoxy in schools of economic thought or methodologies, that may be beyond neoclassical economics.

Mainstream economics

mainstreammainstream economistsmainstream economic
Currently, the great majority of economists follow an approach referred to as mainstream economics (sometimes called 'orthodox economics').
Also known as orthodox economics, it can be contrasted to heterodox economics, which encompasses various schools or approaches that are only accepted by a minority of economists.

Ecological economics

ecological economistecologicalecological economists
Some more recent developments in economic thought such as feminist economics and ecological economics adapt and critique mainstream approaches with an emphasis on particular issues rather than developing as independent schools.
One survey of German economists found that ecological and environmental economics are different schools of economic thought, with ecological economists emphasizing strong sustainability and rejecting the proposition that natural capital can be substituted by human-made capital (see the section on Weak versus strong sustainability below).

School of thought

schoolschools of thoughtschools
While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common.
A school of thought, or intellectual tradition, is the perspective of a group of people who share common characteristics of opinion or outlook of a philosophy, discipline, belief, social movement, economics, cultural movement, or art movement.

Austrian School

Austrian School of EconomicsAustrian economicsAustrian
Other longstanding heterodox schools of economic thought include Austrian economics and Marxian economics.
The Austrian School is a heterodox school of economic thought that is based on methodological individualism—the concept that social phenomena result exclusively from the motivations and actions of individuals.

Post-Keynesian economics

post-KeynesianPost-Keynesian economistsPost Keynesian economics
However, advocates of a more fundamental critique of orthodox economics formed a school of Post-Keynesian economics.
Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel.

Keynesian economics

KeynesianKeynesianismKeynesian theory
Mainstream economics also acknowledges the existence of market failure and insights from Keynesian economics.
The interpretations of Keynes that followed are contentious and several schools of economic thought claim his legacy.

Factors of production

factor of productionresourcesinputs
Scarcity means that available resources are insufficient to satisfy all wants and needs.
The number and definition of factors vary, depending on theoretical purpose, empirical emphasis, or school of economics.

Economics

economiceconomisteconomic theory
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work.
While neoclassical economic theory constitutes both the dominant or orthodox theoretical as well as methodological framework, economic theory can also take the form of other schools of thought such as in heterodox economic theories.

Neoclassical economics

neoclassicalneoclassical economistsneo-classical economics
Modern mainstream economics builds primarily on neoclassical economics, which began to develop in the late 19th century.
Neoclassical economics is characterized by several assumptions common to many schools of economic thought.

Economic efficiency

efficiencyefficienteconomically efficient
Such costs, considered as prices in a market economy, are used for analysis of economic efficiency or for predicting responses to disturbances in a market.
Advocates of limited government, in the form laissez faire (little or no government role in the economy) follow from the 19th century philosophical tradition classical liberalism, and are particularly associated with the mainstream economic schools of classical economics (through the 1870s) and neoclassical economics (from the 1870s onwards), and with the heterodox Austrian school.

Saltwater and freshwater economics

freshwater schoolFreshwaterfreshwater economics
Within the macroeconomic mainstream in the United States, distinctions can be made between saltwater economists and the more laissez-faire ideas of freshwater economists.

John Maynard Keynes

KeynesMaynard KeynesJ. M. Keynes
Keynesian economics has developed from the work of John Maynard Keynes and focused on macroeconomics in the short-run, particularly the rigidities caused when prices are fixed.
Widely considered the founder of modern macroeconomics, his ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots.

Land value tax

land taxland value taxationland
Georgism or geoism is an economic philosophy proposing that both individual and national economic outcomes would be improved by the utilization of economic rent resulting from control over land and natural resources through levies such as a land value tax.
Physiocracy is one of the "early modern" schools of economics.

Alfred Marshall

MarshallMarshallianAlfred Marshall,
Marshall founded the Cambridge School which paid special attention to increasing returns, the theory of the firm, and welfare economics; after his retirement leaderships passed to Arthur Cecil Pigou and John Maynard Keynes.

Chicago school of economics

Chicago SchoolChicago school economistsChicago
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles.

Economic rent

rentland rentrents
Georgism or geoism is an economic philosophy proposing that both individual and national economic outcomes would be improved by the utilization of economic rent resulting from control over land and natural resources through levies such as a land value tax.
In political economy, including physiocracy, classical economics, Georgism, and other schools of economic thought, land is recognized as an inelastic factor of production.

Neo-Ricardianism

neo-RicardianNeo-Ricardian schoolneo-Ricardian economics
The neo-Ricardian school is an economic school

Birmingham School (economics)

Birmingham School
The Birmingham School was a school of economic thought that emerged in Birmingham, England during the post-Napoleonic depression that affected England following the end of the Napoleonic wars in 1815.

Cameralism

cameralistCameralcameralistic
Furthermore, defining cameralism as an early modern school of economy does not accurately portray the scope of the body of knowledge included in cameralism.

Buddhist economics

economics from a Buddhist philosophical point of view

Economy

economiceconomiesnational economy
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work.

Economist

economistseconomicsgovernment economist
While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common.

Greco-Roman world

Greco-RomanGraeco-RomanGreco-Roman civilization
Economic thought may be roughly divided into three phases: premodern (Greco-Roman, Indian, Persian, Islamic, and Imperial Chinese), early modern (mercantilist, physiocrats) and modern (beginning with Adam Smith and classical economics in the late 18th century).