Neo Human Relations School of Thought 2018 Peer Review

Group of economic thinkers who share or shared a mutual perspective on the way economies piece of work

In the history of economical thought, a school of economic thought is a group of economical thinkers who share or shared a mutual perspective on the way economies piece of work. While economists do not ever fit into particular schools, specially in mod times, classifying economists into schools of thought is common. Economic idea may exist roughly divided into 3 phases: premodern (Greco-Roman, Indian, Western farsi, Islamic, and Imperial Chinese), early modern (mercantilist, physiocrats) and modern (beginning with Adam Smith and classical economics in the belatedly 18th century, and Karl Marx and Friedrich Engels' Marxian economics in the mid 19th century). Systematic economical theory has been developed mainly since the beginning of what is termed the modern era.

Currently, the great bulk of economists follow an arroyo referred to as mainstream economics (sometimes called 'orthodox economics'). Economists generally specialize into either macroeconomics, broadly on the full general scope of the economy every bit a whole,^[1] and microeconomics, on specific markets or actors.^[two]

Within the macroeconomic mainstream in the United States, distinctions can be made between saltwater economists^[a] and the more laissez-faire ideas of freshwater economists.^[b] Still, there is wide understanding on the importance of full general equilibrium, the methodology related to models used for certain purposes (e.g. statistical models for forecasting, structural models for counterfactual analysis, etc.), and the importance of partial equilibrium models for analyzing specific factors of import to the economy (eastward.k. cyberbanking).^[3]

Some influential approaches of the past, such as the historical school of economics and institutional economics, have become defunct or accept declined in influence, and are now considered heterodox approaches. Other longstanding heterodox schools of economic thought include Austrian economics and Marxian economic science. Some more contempo developments in economic thought such every bit feminist economics and ecological economics adapt and critique mainstream approaches with an accent on particular issues rather than developing as independent schools.

Contemporary economic thought [edit]

Mainstream economics [edit]

This commodity is missing information about microeconomics (data and behavioural), might require separating micro and macro into subsections?. Please expand the article to include this information. Further details may exist on the talk page. (September 2020)

Mainstream economics is distinguished in full general economics from heterodox approaches and schools inside economics. It begins with the premise that resource are scarce and that information technology is necessary to choose between competing alternatives. That is, economic science deals with tradeoffs. With scarcity, choosing 1 alternative implies forgoing some other alternative—the opportunity toll. The opportunity cost expresses an implicit relationship between competing alternatives. Such costs, considered equally prices in a market place economic system, are used for analysis of economic efficiency or for predicting responses to disturbances in a marketplace. In a planned economy comparable shadow toll relations must exist satisfied for the efficient employ of resources, as kickoff demonstrated by the Italian economist Enrico Barone.

Economists believe that incentives and costs play a pervasive role in shaping determination making. An firsthand example of this is the consumer theory of individual demand, which isolates how prices (as costs) and income affect quantity demanded. Modern mainstream economics has foundations in neoclassical economics, which began to develop in the late 19th century. Mainstream economics also acknowledges the existence of market failure and insights from Keynesian economic science, well-nigh contemporaneously in the macroeconomic new neoclassical synthesis.^[iv] Information technology uses models of economic growth for analyzing long-run variables affecting national income. Information technology employs game theory for modeling market or not-marketplace behavior. Some of import insights on collective behavior (for example, emergence of organizations) have been incorporated through the new institutional economics. A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay: "the scientific discipline which studies human being behaviour equally a relationship betwixt ends and scarce ways which accept alternative uses." Scarcity means that bachelor resources are bereft to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economical problem. The subject thus defined involves the study of pick, as affected past incentives and resource.

Mainstream economics encompasses a broad (but not unbounded) range of views. Politically, most mainstream economists hold views ranging from laissez-faire to mod liberalism. There are also differing views on certain empirical claims within macroeconomics, such equally the effectiveness of expansionary fiscal policy nether certain conditions.^[v]

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 than central conflicts over methodology that characterised previous periods (like those betwixt Monetarists and Neo-Keynesians), in which economists of differing schools would disagree on whether a given work was even a legitimate contribution to the field.^[six]

Contemporary heterodox economics [edit]

In the late 19th century, a number of heterodox schools contended with the neoclassical school that arose following the marginal revolution. Most survive to the present day as self-consciously dissident schools, but with greatly diminished size and influence relative to mainstream economics. The nearly significant are Institutional economic science, Marxian economics and the Austrian School.

The development of Keynesian economics was a substantial challenge to the dominant neoclassical school of economics. Keynesian views entered the mainstream equally a result of the neoclassical synthesis developed by John Hicks. The rise of Keynesianism, and its incorporation into mainstream economics, reduced the appeal of heterodox schools. However, advocates of a more cardinal critique of neoclassical economic science formed a school of postal service-Keynesian economics.

Heterodox approaches oftentimes embody criticisms of perceived "mainstream" approaches. For instance:

• feminist economic science criticizes the valuation of labor and argues female labor is systemically undervalued;
• green economics criticizes instances of externalized and intangible ecosystems and argues for them to be brought into the tangible capital nugget model as natural capital; and
• post-keynesian economics disagrees with the notion of the long-term neutrality of demand, arguing that at that place is no natural tendency for a competitive market economic system to reach total employment.

Other viewpoints on economic issues from outside mainstream economics include dependency theory and world systems theory in the written report of international relations.

Historical economical thought [edit]

Modernistic macro- and microeconomics are young sciences.^[7] But many in the past have thought on topics ranging from value to production relations. These forays into economic thought contribute to the modernistic understanding, ranging from ancient Greek conceptions of the role of the household and its choices^[viii] to mercantilism and its accent on the hoarding of precious metals.

Ancient economic idea [edit]

• Chanakya (Kautilya)
• Xenophon
• Aristotle
• Qin Shi Huang
• Wang Anshi

Islamic economics [edit]

Islamic economics is the practice of economics in accordance with Islamic police force. The origins can exist traced back to the Caliphate,^[9] where an early market economic system and some of the primeval forms of merchant capitalism took root between the eighth–twelfth centuries, which some refer to as "Islamic commercialism".^[10]

Islamic economics seeks to enforce Islamic regulations non but on personal problems, but to implement broader economic goals and policies of an Islamic social club, based on uplifting the deprived masses. It was founded on gratis and unhindered circulation of wealth so equally to handsomely reach fifty-fifty the lowest echelons of society. 1 distinguishing characteristic is the tax on wealth (in the form of both Zakat and Jizya), and bans levying taxes on all kinds of trade and transactions (Income/Sales/Excise/Import/Export duties etc.). Another distinguishing characteristic is prohibition of involvement in the form of excess charged while trading in money. Its pronouncement on use of newspaper currency besides stands out. Though promissory notes are recognized, they must exist fully backed past reserves. Partial-reserve banking is disallowed as a class of alienation of trust.

It saw innovations such as trading companies, large businesses, contracts, bills of exchange, long-distance international trade, the kickoff forms of partnership (mufawada) such as limited partnerships (mudaraba), and the primeval forms of credit, debt, profit, loss, capital (al-mal), majuscule aggregating (nama al-mal),^[11] circulating capital, uppercase expenditure, revenue, cheques, promissory notes,^[12] trusts (see Waqf), startup companies,^[13] savings accounts, transactional accounts, pawning, loaning, exchange rates, bankers, money changers, ledgers, deposits, assignments, the double-entry bookkeeping organization,^[xiv] lawsuits,^[xv] and bureau institution.^{[16] [17]}

This school has seen a revived involvement in development and understanding since the later part of the 20th century.

• Muhammad
• Abu Hanifa an-Nu'human
• Abu Yusuf
• Al-Farabi (Alpharabius)
• Shams al-Mo'ali Abol-hasan Ghaboos ibn Wushmgir (Qabus)
• Ibn Sina (Avicenna)
• Ibn Miskawayh
• Al-Ghazali (Algazel)
• Ibn Taymiyyah
• Al-Mawardi
• Nasīr al-Dīn al-Tūsī (Tusi)
• Ibn Khaldun
• Al-Maqrizi
• Muhammad Baqir al-Sadr

Scholasticism [edit]

• Nicole Oresme
• Thomas Aquinas
• School of Salamanca
• Leonardus Lessius

Mercantilism [edit]

Economical policy in Europe during the late Middle Ages and early Renaissance treated economic activeness every bit a skillful which was to be taxed to raise revenues for the nobility and the church. Economic exchanges were regulated by feudal rights, such equally the right to collect a toll or hold a fair, likewise as guild restrictions and religious restrictions on lending. Economic policy, such as it was, was designed to encourage merchandise through a particular area. Considering of the importance of social class, sumptuary laws were enacted, regulating clothes and housing, including allowable styles, materials and frequency of purchase for different classes. Niccolò Machiavelli in his book The Prince was ane of the outset authors to theorize economical policy in the grade of advice. He did so by stating that princes and republics should limit their expenditures and forbid either the wealthy or the populace from despoiling the other. In this manner a land would be seen as "generous" because information technology was non a heavy burden on its citizens.

• Gerard de Malynes
• Edward Misselden
• Thomas Mun
• Jean Bodin
• Jean Baptiste Colbert
• Josiah Child
• William Petty
• John Locke
• Charles Davenant
• Dudley North
• Ferdinando Galiani
• James Denham-Steuart

Physiocrats [edit]

The Physiocrats were 18th century French economists who emphasized the importance of productive work, and particularly agriculture, to an economic system'southward wealth. Their early back up of free trade and deregulation influenced Adam Smith and the classical economists.

• Anne Robert Jacques Turgot
• François Quesnay
• Pierre le Pesant de Boisguilbert
• Richard Cantillon

Classical political economy [edit]

Classical economics, also called classical political economy, was the original course of mainstream economic science of the 18th and 19th centuries. Classical economics focuses on the trend of markets to move to equilibrium and on objective theories of value. Neo-classical economics differs from classical economic science primarily in being utilitarian in its value theory and using marginal theory as the footing of its models and equations. Marxian economics too descends from classical theory. Anders Chydenius (1729–1803) was the leading classical liberal of Nordic history. Chydenius, who was a Finnish priest and member of parliament, published a book called The National Gain in 1765, in which he proposes ideas of freedom of trade and industry and explores the relationship between economic system and society and lays out the principles of liberalism, all of this eleven years before Adam Smith published a similar and more comprehensive book, The Wealth of Nations. According to Chydenius, democracy, equality and a respect for human rights were the only fashion towards progress and happiness for the whole of club.

• Adam Smith
• Francis Hutcheson
• Bernard de Mandeville
• David Hume
• Henry George
• Thomas Malthus
• James Manufactory
• Francis Place
• David Ricardo
• Henry Thornton
• John Ramsay McCulloch
• James Maitland, 8th Earl of Lauderdale
• Jeremy Bentham
• Jean Charles Léonard de Sismondi
• Johann Heinrich von Thünen
• John Stuart Mill
• Karl Marx
• Nassau William Senior
• Edward Gibbon Wakefield
• John Rae
• Thomas Tooke
• Robert Torrens

American School [edit]

The American Schoolhouse owes its origin to the writings and economic policies of Alexander Hamilton, the get-go Treasury Secretarial assistant of the Usa. It emphasized high tariffs on imports to aid develop the fledgling American manufacturing base and to finance infrastructure projects, besides equally National Banking, Public Credit, and government investment into advanced scientific and technological research and evolution. Friedrich List, one of the most famous proponents of the economic system, named it the National System, and was the main impetus backside the evolution of the German Zollverein and the economic policies of Frg under Chancellor Otto Von Bismarck beginning in 1879.

• Alexander Hamilton
• John Quincy Adams
• Henry Clay
• Mathew Carey
• Henry Charles Carey
• Abraham Lincoln
• Friedrich List
• Otto Von Bismarck
• Arthur Griffith
• William McKinley

French Liberal School [edit]

The French Liberal Schoolhouse (likewise chosen the "Optimist Schoolhouse" or "Orthodox School") is a 19th-century schoolhouse 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 dedicated 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 modernistic Austrian School.

• Frédéric Bastiat
• Maurice Block
• Pierre Paul Leroy-Beaulieu
• Gustave de Molinari
• Yves Guyot
• Jean-Baptiste Say
• Léon Say

Historical schoolhouse [edit]

The historical school of economics was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway at that place until well into the 20th century. The Historical schoolhouse held that history was the key source of cognition nearly 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 conscientious empirical and historical assay instead of from logic and mathematics. The School preferred historical, political, and social studies to cocky-referential mathematical modelling. Most members of the school were besides Kathedersozialisten, i.e. concerned with social reform and improved conditions for the common homo during a catamenia of heavy industrialization. The Historical School can be divided into three tendencies: the Older, led by Wilhelm Roscher, Karl Knies, and Bruno Hildebrand; the Younger, led past Gustav von Schmoller, and besides including Étienne Laspeyres, Karl Bücher, Adolph Wagner, and to some extent Lujo Brentano; the Youngest, led by Werner Sombart and including, to a very large extent, Max Weber.

Predecessors included Friedrich List. 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 Deutschland and so dominated academia, non only in central Europe, just also in the United States until about 1900, because the American economic science profession was led past holders of German Ph.Ds. The Historical schoolhouse was involved in the Methodenstreit ("strife over method") with the Austrian School, whose orientation was more than theoretical and a prioristic. In English language speaking countries, the Historical schoolhouse is peradventure the least known and least understood approach to the study of economics, because it differs radically from the now-dominant Anglo-American analytical signal of view. Nevertheless the Historical school forms the basis—both in theory and in practice—of the social market economy, for many decades the dominant economic paradigm in most countries of continental Europe. The Historical school is also a source of Joseph Schumpeter'south dynamic, change-oriented, and innovation-based economics. Although his writings could be critical of the School, Schumpeter's work on the function of innovation and entrepreneurship can be seen equally a continuation of ideas originated by the Historical School, especially the piece of work of von Schmoller and Sombart.

• Wilhelm Roscher
• Gustav von Schmoller
• Werner Sombart
• Max Weber
• Joseph Schumpeter
• Karl Polanyi

English language historical schoolhouse [edit]

Although not about as famous as its German counterpart, there was also an English Historical Schoolhouse, whose figures included William Whewell, Richard Jones, Thomas Edward Cliffe Leslie, Walter Bagehot, Thorold Rogers, Arnold Toynbee, William Cunningham, and William Ashley. It was this school that heavily critiqued the deductive approach of the classical economists, particularly the writings of David Ricardo. This school revered the anterior process and called for the merging of historical fact with those of the present catamenia.

• Edmund Shush
• Richard Jones
• Thomas Edward Cliffe Leslie
• Walter Bagehot
• Thorold Rogers
• William J. Ashley
• William Cunningham

French historical schoolhouse [edit]

• Clément Juglar
• Charles Gide
• Albert Aftalion
• Émile Levasseur
• François Simiand

Utopian economics [edit]

• William Godwin
• Charles Fourier
• Robert Owen
• Saint-Simon
• Josiah Warren

Georgist economics [edit]

Georgism or geoism is an economic philosophy proposing that both individual and national economical outcomes would exist improved by the utilization of economic hire resulting from control over land and natural resources through levies such equally a state value tax.

• Harry Gunnison Chocolate-brown
• Raymond Crotty
• Ottmar Edenhofer
• Fred Foldvary
• Bricklayer Gaffney
• Henry George
• Max Hirsch (economist)
• Wolf Ladejinsky
• Philippe Legrain
• Donald Shoup
• Nicolaus Tideman

[edit]

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 David Ricardo, and favoured collective ownership of the ways of production.

• John Francis Bray
• John Grayness
• Charles Hall
• Thomas Hodgskin
• William Thompson

Marxian economics [edit]

Marxian economics descended from the work of Karl Marx and Friedrich Engels. This school focuses on the labor theory of value 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.^{[18] [19]}

• David Harvey
• Eduard Bernstein
• Grigory Feldman
• Rosa Luxemburg
• Richard D. Wolff
• Rudolf Hilferding
• Karl Kautsky
• Karl Marx
• Nikolai Bukharin
• Nobuo Okishio
• Paul Sweezy
• Samir Amin
• Vladimir Lenin
• Yevgeni Preobrazhensky

Neo-Marxian economics [edit]

• David Gordon
• Samuel Bowles
• Paul A. Baran
• Adam Przeworski
• Henryk Grossman

[edit]

• Henri de Saint-Simon
• Ferdinand Lassalle
• Johann Karl Rodbertus
• Fabian Lodge

Anarchist economics [edit]

Anarchist economics comprises a set of theories which seek to outline modes of production and exchange not governed by coercive social institutions:

• Mutualists advocate market socialism.
• Collectivist anarchists advocate workers cooperatives and salaries based on the amount of time contributed to production.
• Anarcho-communists advocate a direct transition from capitalism to libertarian communism and a gift economy with direct communal democracy.
• Anarcho-syndicalists abet worker'southward direct activity and the general strike.

Thinkers associated with agitator economics include:

• Charles Fourier
• Pierre-Joseph Proudhon
• Peter Kropotkin
• Mikhail Bakunin

Distributism [edit]

Distributism is an economical philosophy that was originally formulated in the belatedly 19th century and early 20th century past Catholic thinkers to reflect the teachings of Pope Leo 13'southward encyclical Rerum Novarum and Pope Pius's Eleven encyclical Quadragesimo Anno. Information technology seeks to pursue a third way between commercialism and socialism, desiring to club society co-ordinate to Christian principles of justice while withal preserving private property.

• G. Yard. Chesterton
• Hilaire Belloc

Institutional economics [edit]

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 Thorstein Veblen's instinct-oriented dichotomy betwixt technology on the ane side and the "formalism" sphere of social club on the other. Its proper name and core elements trace back to a 1919 American Economic Review article by Walton H. Hamilton.^{[20] [21]}

• Gunnar Myrdal
• Thorstein Veblen
• John Rogers Eatables
• Wesley Clair Mitchell
• John Maurice Clark
• Robert A. Brady
• Clarence Edwin Ayres
• Romesh Dutt
• John Kenneth Galbraith
• Geoffrey Hodgson
• Ha-Joon Chang

Neoclassical economics [edit]

Neoclassical economics is the dominant class of economics used today and has the highest corporeality of adherents amid economists. It is frequently referred to by its critics every bit Orthodox Economics. The more specific definition this approach implies was captured past Lionel Robbins in a 1932 essay: "the scientific discipline which studies human behavior as a relation between deficient means having alternative uses." The definition of scarcity is that available resource are bereft to satisfy all wants and needs; if there is no scarcity and no alternative uses of available resource, so there is no economical problem.

• William Stanley Jevons
• Francis Ysidro Edgeworth
• Alfred Marshall
• John Bates Clark
• Irving Fisher
• Knut Wicksell

Lausanne Schoolhouse [edit]

The Lausanne School of economics is an extension of the neoclassical school of economic idea, named later on the University of Lausanne in Switzerland. The school is primarily associated with Léon Walras and Vilfredo Pareto, both of whom held successive professorships in political economy at the academy, in the latter half of the 19th century.^[22] Beginning with Walras, the school is credited with playing a fundamental role in the development of mathematical economics. For this reason, the school has also been referred to as the Mathematical School.^[23] A notable work of the Lausanne School is Walras' development of the general equilibrium theory^[24] equally a holistic means of analysing the economic system, in contrast to partial equilibrium theory, which only analyses unmarried markets in isolation.^[25] 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.

The Lausanne School is also largely credited with the foundation of welfare economics, through which Pareto sought to mensurate the welfare of an economic system.^[26] Contrary to utilitarianism, Pareto found that the welfare of an economy cannot be measured by accumulation 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 whatever worse off, so the welfare of the economic system would increment. Conversely, if a bulk of people experienced an increase in utility while at least 1 person was worse off, there could be no definitive conclusion well-nigh the welfare of the economy.^[27] These observations formed the ground of Pareto efficiency, which describes a state of affairs or issue in which nobody can be made better off without besides making someone else worse off.^[28] Pareto efficiency is still widely used in contemporary welfare economics also as game theory.^[29]

• Léon Walras
• Vilfredo Pareto

Austrian School [edit]

Austrian economists advocate methodological individualism in interpreting economic developments, the subjective theory of value, that money is non-neutral, and emphasize the organizing power of the toll machinery (see Economic calculation debate) and a laissez faire approach to the economy.^[30]

• Carl Menger
• Eugen von Böhm-Bawerk
• Ludwig von Mises
• Friedrich Hayek
• Friedrich von Wieser
• Henry Hazlitt
• Frank Fetter
• Israel Kirzner
• Murray Rothbard
• Robert P. Murphy
• Lew Rockwell
• Peter Schiff
• Marc Faber
• Walter Block
• Hans-Hermann Hoppe
• Jesús Huerta de Soto
• Fritz Machlup

Stockholm School [edit]

The Stockholm School is a school of economic thought. Information technology refers to a loosely organized grouping of Swedish economists that worked together, in Stockholm, Sweden primarily in the 1930s.

The Stockholm School had—similar John Maynard Keynes—come to the same conclusions in macroeconomics and the theories of demand and supply. Like Keynes, they were inspired past the works of Knut Wicksell, a Swedish economist active in the early on years of the twentieth century.

• Gunnar Myrdal
• Bertil Ohlin

Keynesian economics [edit]

Keynesian economic science has developed from the piece of work of John Maynard Keynes and focused on macroeconomics in the short-run, particularly the rigidities caused when prices are stock-still. Information technology has two successors. Mail service-Keynesian economics is an alternative school—one of the successors to the Keynesian tradition with a focus on macroeconomics. They concentrate on macroeconomic rigidities and adjustment processes, and research micro foundations for their models based on real-life practices rather than elementary optimizing models. More often than not associated with Cambridge, England and the work of Joan Robinson (meet Post-Keynesian economic science). New-Keynesian economics is the other school associated with developments in the Keynesian style. These researchers tend to share with other Neoclassical economists the emphasis on models based on micro foundations and optimizing behavior, merely focus more narrowly on standard Keynesian themes such every bit toll and wage rigidity. These are unremarkably made to be endogenous features of these models, rather than simply assumed equally in older style Keynesian ones (see New-Keynesian economics).

• John Maynard Keynes
• Joan Robinson
• Paul Krugman
• Paul Samuelson
• Peter Bofinger
• Joseph Stiglitz
• Nouriel Roubini
• Stanley Fischer
• Gregory Mankiw
• Jason Furman
• Huw Dixon

Chicago school [edit]

The Chicago School is a neoclassical schoolhouse of economic thought associated with the work of the kinesthesia at the University of Chicago, notable especially in macroeconomics for developing monetarism equally an alternative to Keynesianism and its influence on the use of rational expectations in macroeconomic modelling.

• Frank H. Knight
• Jacob Viner
• Milton Friedman
• Thomas Sowell
• George Stigler
• Harry Markowitz
• Merton Miller
• Robert Lucas, Jr.
• Eugene Fama
• Myron Scholes
• Gary Becker
• Edward C. Prescott
• James Heckman
• Robert Z. Aliber

Carnegie School [edit]

• Herbert A. Simon
• Richard Cyert
• James March
• Victor Vroom
• Oliver E. Williamson
• John Muth

Neo-Ricardianism [edit]

• Piero Sraffa
• Luigi L. Pasinetti
• Vladimir Karpovich Dmitriev

New institutional economics [edit]

New institutional economics is a perspective that attempts to extend economics past focusing on the social and legal norms and rules (which are institutions) that underlie economical action and with analysis beyond earlier institutional economics and neoclassical economics.^[31] Information technology tin be seen as a broadening step to include aspects excluded in neoclassical economics. It rediscovers aspects of classical political economy.

• Douglass Due north
• Oliver E. Williamson
• Ronald Coase
• Daron Acemoglu
• Steven Northward. S. Cheung

20th century schools [edit]

Notable schools or trends of thought in economics in the 20th century were every bit follows. These were advocated by well-divers groups of academics that became widely known:

• Austrian School
• Biological economics
• Chicago Schoolhouse
• Constitutional economics
• Ecological economics
• Evolutionary economic science
• Free-market riot
• Freiburg School
• Freiwirtschaft
• Georgism
• Institutional economics
• Keynesian economic science
• Marxian (Marxist) and neo-Marxian economics
• Neo-Ricardianism
• New classical macroeconomics
• New Keynesian economics
• Post-Keynesian economics
• Public Choice schoolhouse
• Schoolhouse of Lausanne
• Stockholm school

In the late 20th century, areas of report that produced modify in economical thinking were: chance-based (rather than price-based models), imperfect economic actors, and treating economics every bit a biological science (based on evolutionary norms rather than abstract exchange).

The study of risk was influential, in viewing variations in toll over time as more of import than actual toll. This practical particularly to fiscal economics, where run a risk/return tradeoffs were the crucial decisions to be fabricated.

An important area of growth was the study of information and decision. Examples of this school included the work of Joseph Stiglitz. Problems of asymmetric data and moral adventure, both based effectually information economics, profoundly afflicted modern economic dilemmas like executive stock options, insurance markets, and Third-World debt relief.

Finally, there were a series of economic ideas rooted in the formulation of economics as a co-operative of biology, including the idea that energy relationships, rather than price relationships, decide economic structure. The apply of fractal geometry to create economical models (see Free energy Economics). In its infancy the awarding of non-linear dynamics to economical theory, likewise as the application of evolutionary psychology explored the processes of valuation and the persistence of not-equilibrium conditions. The most visible work was in the area of applying fractals to marketplace analysis, peculiarly arbitrage (see Complexity economics). Another infant co-operative of economics was neuroeconomics. The latter combines neuroscience, economic science, and psychology to study how we make choices.

See besides [edit]

• Birmingham School
• Buddhist economic science
• Economical ideology
• History of economic thought
• Economical idea (category B) (JEL code)
• Kameralism
• Manchester School
• Structuralist economics

Notes [edit]

1. ^ Saltwater economists are generally associated with Cornell, Berkeley, Harvard, MIT, Princeton, and Yale^{[ citation needed ]}
2. ^ Freshwater economists generally hail from the interior of the nation, represented by the Chicago school of economics, Carnegie Mellon Academy, the University of Rochester and the University of Minnesota^{[ citation needed ]}

References [edit]

1. ^ Mankiw, North Gregory (2010). Macroeconomics (seventh ed.). New York: Worth Publishers. p. 15. ISBN978-1-4292-1887-0.
2. ^ Mankiw 2010, p. thirteen.
3. ^ Blanchard, Oliver (5 Jan 2018). "On the future of macroeconomic models". Oxford Review of Economic Policy. 34 (1–ii): 43–54. doi:x.1093/oxrep/grx045.
4. ^ Woodford, Michael. Convergence in Macroeconomics: Elements of the New Synthesis. January 2009. http://world wide web.columbia.edu/~mw2230/Convergence_AEJ.pdf.
5. ^ Jelveh, Zubin; Kogut, Bruce; Naidu, Suresh (17 September 2018). "Political Linguistic communication in Economics". SSRN 2535453.
6. ^ Woodford, Michael. Convergence in Macroeconomics: Elements of the New Synthesis. January 2009. http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf.
7. ^ Mankiw 2010, p. 4.
8. ^ Leshem, Dotan (February 2016). "Retrospectives: What Did the Ancient Greeks Mean past Oikonomia ?". Periodical of Economic Perspectives. 30 (i): 225–238. doi:10.1257/jep.30.i.225. ISSN 0895-3309.
9. ^ The Cambridge economic history of Europe, p. 437. Cambridge University Printing, ISBN 0-521-08709-0.
10. ^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), pp. 79–96 [81, 83, 85, ninety, 93, 96].
11. ^ Jairus Banaji (2007), "Islam, the Mediterranean and the ascent of capitalism", Historical Materialism 15 (1), pp. 47–74, Brill Publishers.
12. ^ Robert Sabatino Lopez, Irving Woodworth Raymond, Olivia Remie Lawman (2001), Medieval Trade in the Mediterranean Globe: Illustrative Documents, Columbia University Printing, ISBN 0-231-12357-4.
13. ^ Timur Kuran (2005), "The Absenteeism of the Corporation in Islamic Law: Origins and Persistence", American Journal of Comparative Law 53, pp. 785–834 [798–ix].
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Sources [edit]

• Galbács, Peter (2015). The Theory of New Classical Macroeconomics. A Positive Critique. Contributions to Economics. Heidelberg/New York/Dordrecht/London: Springer. doi:ten.1007/978-3-319-17578-two. ISBN978-three-319-17578-ii.
• Spiegel, Henry William. 1991. The Growth of Economic Thought. Durham & London: Knuckles Academy Press. ISBN 0-8223-0973-4
• John Eatwell, Murray Milgate, and Peter Newman, ed. (1987). The New Palgrave: A Lexicon of Economics, five. 4, Appendix IV, History of Economic Thought and Doctrine, "Schools of Thought," p. 980 (list of 23 schools)

External links [edit]

• History of Economic Thought and Critical Perspectives (NSSR)

loaizaexthavird.blogspot.com

Source: https://en.wikipedia.org/wiki/Schools_of_economic_thought

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