Favorite school of economic thought?

Posted by: PetersSmith

A school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work.

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13 Total Votes
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Austrian School

The Austrian School is a school of economic thought that is based on methodological individualism. It originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. Curren... t-day economists working in this tradition are located in many different countries, but their work is referred to as Austrian economics.Among the theoretical contributions of the early years of the Austrian School are the subjective theory of value, marginalism in price theory, and the formulation of the economic calculation problem, each of which has become an accepted part of mainstream economics.Many economists are critical of the current-day Austrian School and consider its rejection of econometrics and aggregate macroeconomic analysis to be outside of mainstream economic theory, or "heterodox." Austrians are likewise critical of mainstream economics. Although the Austrian School has been considered heterodox since the late 1930s, it began to attract renewed academic and public interest starting in the 1970s   more
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Keynesian economics

Keynesian economics is the view that in the short run, especially during recessions, economic output is strongly influenced by aggregate demand. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the econom... y; instead, it is influenced by a host of factors and sometimes behaves erratically, affecting production, employment, and inflation.The theories forming the basis of Keynesian economics were first presented by the British economist John Maynard Keynes in his book, The General Theory of Employment, Interest and Money, published in 1936, during the Great Depression. Keynes contrasted his approach to the aggregate supply-focused 'classical' economics that preceded his book. The interpretations of Keynes that followed are contentious and several schools of economic thought claim his legacy.Keynesian economists often argue that private sector decisions sometimes lead to inefficient macroeconomic outcomes which require active policy responses by the public sector, in particular, monetary policy actions by the central bank and fiscal policy actions by the government, in order to stabilize output over the business cycle   more
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Islamic economics

Islamic economics is the practice of economics in accordance with Islamic law. The origins can be traced back to the Caliphate, where an early market economy and some of the earliest forms of merchant capitalism took root between the 8th–12th centur... ies, which some refer to as "Islamic capitalism". 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 Zakat and Jizya), 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. Fractional-reserve banking is disallowed as a form of breach of trust   more
1 vote
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French Liberal School

The French Liberal 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. Key thinkers include ... Frédéric Bastiat, Jean-Baptiste Say, Antoine Destutt de Tracy, and Gustave de Molinari.The School veraciously 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   more
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Socialist economics

Socialist economics refers to the economic theories, practices, and norms of hypothetical and existing socialist economic systems.A socialist economic system is based on some form of social ownership of the means of production, which may mean autono... mous cooperatives or direct public ownership; wherein production is carried out directly for use. Where markets are utilized for allocating inputs and capital goods among economic units, the designation market socialism is used. When planning is utilized, the economic system is designated a planned socialist economy. Non-market forms of socialism usually include a system of accounting based on calculation-in-kind or a direct measure of labor-time as a means to value resources and goods.The term socialist economics may also be applied to analysis of former and existing economic systems that call themselves "socialist", such as the works of Hungarian economist János Kornai.Socialist economics has been associated with different schools of economic thought   more
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Anarchist economics

Anarchist economics is a set of theories which seeks to outline modes of production and exchange that are not governed by coercive social institutions. Mutualists advocate market socialism, collectivist anarchists workers cooperatives and salaries b... ased 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 and anarcho-syndicalists worker's direct action and the general strike   more
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Freiwirtschaft

Freiwirtschaft is an economic idea founded by Silvio Gesell in 1916. He called it Natürliche Wirtschaftsordnung. In 1932, a group of Swiss businessmen used his ideas to found WIR Bank.
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Neoclassical economics

Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utilit... y by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory.Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis which dominates mainstream economics today. Although neoclassical economics has gained widespread acceptance by contemporary economists, there have been many critiques of neoclassical economics, often incorporated into newer versions of neoclassical theory   more
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Mainstream economics

Mainstream economics is widely accepted economics as taught across prominent universities, in contrast to heterodox economics. It has been associated with neoclassical economics and with the neoclassical synthesis, which combines neoclassical method... s and Keynesian approach macroeconomics   more
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Ricardian socialism

Ricardian socialism is a branch of classical economic thought based upon the work of the economist David Ricardo. The term is used to describe economists in the 1820s and 1830s who developed a theory of capitalist exploitation from the theory develo... ped by Ricardo that stated that labor is the source of all wealth and exchange value. This principle extends back to the principles of English philosopher John Locke. The Ricardian socialists reasoned that labor is entitled to all it produces, and that rent, profit and interest were not natural outgrowths of the free market process but were instead distortions. They argued that private ownership of the means of production should be supplanted by cooperatives owned by associations of workers.This designation is used in reference to economists in the early 19th century that elaborated a theory of capitalist exploitation from the classical economic proposition derived from Adam Smith and David Ricardo stating that labor is the source of wealth   more
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Carnegie School

The "Carnegie School" was a so-called "Freshwater" economics intellectual movement in the 1950s and 1960s based at Carnegie Mellon University and led by Herbert A. Simon, James March, and Richard Cyert.The focus of the research was on organizational...  behavior and the application of decision analysis, management science, and psychology as well as theories such as bounded rationality to the understanding of the organization and the firm.Organizations, Administrative Behavior, and A Behavioral Theory of the Firm were three highly influential works done by researchers at the Carnegie School as well as work by Victor Vroom, Oliver E. Williamson and other faculty and graduate students.The interdisciplinary approach featured faculty at Carnegie Mellon's modern departments of economics, business, public policy, computer science, psychology, statistics, and social and decision sciences   more
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Neo-Marxian economics

The terms Neo-Marxian, Post-Marxian, and Radical Political Economics were first used to refer to a distinct tradition of economic thought in the 1970s and 1980s. Many of the leading figures were associated with the Monthly Review School.In industria... l economics, the Neo-Marxian approach stresses the monopolistic rather than the competitive nature of capitalism. This approach is associated with Kalecki, and Baran and Sweezy.Theorists such as Samuel Bowles, David Gordon, John Roemer, Herbert Gintis, Jon Elster, and Adam Przeworski have adopted the techniques of neoclassical economics, including game theory and mathematical modeling, to demonstrate Marxian concepts such as exploitation and class conflict.The Neo-Marxian approach integrated non-Marxist or "bourgeois" economics from the Post-Keynesians like Joan Robinson and the Neo-Ricardian school of Piero Sraffa.Polish economists Michał Kalecki, Rosa Luxemburg, Henryk Grossman, Adam Przeworski and Oskar Lange were influential in this school, particularly in developing theories of underconsumption   more
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German historical school

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 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 Wilhelm Roscher, Karl Knies, and Bruno Hildebrand; the Younger, led by Gustav von Schmoller, and also 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 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 Methodenstreit ("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 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'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   more
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English historical school

The English historical school of economics, although not nearly as famous as its German counterpart, sought a return of inductive methods in economics, following the triumph of the deductive approach of David Ricardo in the early 19th century. The s... chool considered itself the intellectual heirs of past figures who had emphasized empiricism and induction, such as Francis Bacon, and Adam Smith. Included in this school are: William Whewell, Richard Jones, Thomas Edward Cliffe Leslie, Walter Bagehot, Thorold Rogers, Arnold Toynbee, William Cunningham, and William Ashley   more
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French historical school

The Annales School is a group of historians associated with a style of historiography developed by French historians in the 20th century to stress long-term social history. It is named after its scholarly journal Annales d'histoire économique et soc... iale, which remains the main source of scholarship, along with many books and monographs. The school has been highly influential in setting the agenda for historiography in France and numerous other countries, especially regarding the use of social scientific methods by historians, emphasizing social rather than political or diplomatic themes, and for being generally hostile to the class analysis of Marxist historiography   more
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Utopian economics

Particularly in the early 19th century, several utopian ideas arose, often in response to their belief that social disruption was created and caused by the development of commercialism and capitalism. These are often grouped in a greater "utopian so... cialist" movement, due to their shared characteristics: an egalitarian distribution of goods, frequently with the total abolition of money, and citizens only doing work which they enjoy and which is for the common good, leaving them with ample time for the cultivation of the arts and sciences. One classic example of such a utopia was Edward Bellamy's Looking Backward. Another socialist utopia is William Morris' News from Nowhere, written partially in response to the top-down (bureaucratic) nature of Bellamy's utopia, which Morris criticized. However, as the socialist movement developed it moved away from utopianism; Marx in particular became a harsh critic of earlier socialism he described as utopian. (For more information see the History of Socialism article.) In a utopian society, the economy, concurrent with the ongoing theme, is perfect; there is no inflation, and perfect social and financial equality. However, in 1905 H.G. Wells published A Modern Utopia, which was widely read and admired and provoked much discussion. Also consider Eric Frank Russell's book The Great Explosion (1963) whose last section details an economic and social utopia. This forms the first mention of the idea of Local Exchange Trading Systems (LETS)   more
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Georgist economics

Georgism is an economic philosophy holding that the economic value derived from natural resources and natural opportunities should belong equally to all residents of a community, but that people own the value they create. The Georgist paradigm can b... e described as a model of political economy that offers solutions to social and ecological problems, relying on principles of land rights and public finance which attempt to integrate economic efficiency with social justice. The philosophical basis of Georgism dates back to several early proponents such as John Locke and Baruch Spinoza, but the concept of gaining public revenues from natural resource privileges was widely popularized by the economist and social reformer Henry George and his first book, Progress and Poverty.Georgism is concerned with just and efficient distribution of economic rent caused by natural monopolies, pollution, and the control of commons, including title over natural resources and other contrived privileges   more
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Marxian economics

Marxian economics or the Marxian school of economics refers to a school of economic thought tracing its foundations to the critique of classical political economy first expounded upon by Karl Marx and Friedrich Engels. Marxian economics refers to se... veral different theories and includes multiple schools of thought which are sometimes opposed to each other, and in many cases Marxian analysis is used to complement or supplement other economic approaches.Marxian economics concerns itself variously with the analysis of crisis in capitalism, the role and distribution of the surplus product and surplus value in various types of economic systems, the nature and origin of economic value, the impact of class and class struggle on economic and political processes, and the process of economic evolution.Marxian economics, particularly in academia, is distinguished from Marxism as a political ideology as well as the normative aspects of Marxist thought, with the view that Marx's original approach to understanding economics and economic development is intellectually independent from Marx's own advocacy of revolutionary socialism   more
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Scholasticism

Scholasticism is a method of critical thought which dominated teaching by the academics of medieval universities in Europe from about 1100 to 1700, and a program of employing that method in articulating and defending dogma in an increasingly plurali... stic context. It originated as an outgrowth of, and a departure from, Christian monastic schools at the earliest European universities. The first institutions in the West to be considered universities were established in Italy, France, Spain, and England in the late 11th and the 12th centuries for the study of arts, law, medicine, and theology, such as Schola Medica Salernitana, the University of Bologna, and the University of Paris. It is difficult to define the date at which they became true universities, although the lists of studia generalia for higher education in Europe held by the Catholic Church and its various religious orders are a useful guide.Not so much a philosophy or a theology as a method of learning, scholasticism places a strong emphasis on dialectical reasoning to extend knowledge by inference, and to resolve contradictions   more
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Mercantilism

Economic policy in Europe during the late Middle Ages and early Renaissance treated economic activity as a good which was to be taxed to raise revenues for the nobility and the church. Economic exchanges were regulated by feudal rights, such as the ... right to collect a toll or hold a faire, as well as guild restrictions and religious restrictions on lending. Economic policy, such as it was, was designed to encourage trade through a particular area. Because of the importance of social class, sumptuary laws were enacted, regulating dress and housing, including allowable styles, materials and frequency of purchase for different classes. Niccolò Machiavelli in his book The Prince was one of the first authors to theorize economic policy in the form of advice. He did so by stating that princes and republics 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   more
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Physiocracy

Physiocracy is an economic theory developed by a group of 18th century enlightened French economists who believed that the wealth of nations was derived solely from the value of "land agriculture" or "land development" and that agricultural products...  should be highly priced. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy is perhaps the first well-developed theory of economics.The movement was particularly dominated by François Quesnay and Anne-Robert-Jacques Turgot. It immediately preceded the first modern school, classical economics, which began with the publication of Adam Smith's The Wealth of Nations in 1776.The most significant contribution of the Physiocrats was their emphasis on productive work as the source of national wealth. This is in contrast to earlier schools, in particular mercantilism, which often focused on the ruler's wealth, accumulation of gold, or the balance of trade   more
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Classical economics

Classical economics, also called classical political economy, 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 va... lue. Neo-classical economics differs from classical economics primarily in being utilitarian in its value theory and using marginal theory as the basis of its models and equations. Marxian economics also descends from classical theory. Anders Chydenius (1729–1803) was the leading classical liberal of Nordic history. 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 economy 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 way towards progress and happiness for the whole of society   more
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American School

The American School owes its origin to the writings and economic policies of Alexander Hamilton, the first Treasury Secretary of the United States. It emphasized high tariffs on imports to help develop the fledgling American manufacturing base and t... o finance infrastructure projects, as well as National Banking, Public Credit, and government investment into advanced scientific and technological research and development. Friedrich List, one of the most famous proponents of the economic system, named it the National System, and was the main impetus behind the development of the German Zollverein and the economic policies of Germany under Chancellor Otto Von Bismarck beginning in 1879   more
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Institutional economics

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 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 American Economic Review article by Walton H. Hamilton.Institutional economics emphasizes a broader study of institutions and views markets as a result of the complex interaction of these various institutions. The earlier tradition continues today as a leading heterodox approach to economics.A significant variant is the new institutional economics from the later 20th century, which integrates later developments of neoclassical economics into the analysis. Law and economics has been a major theme since the publication of the Legal Foundations of Capitalism by John R. Commons in 1924. Behavioral economics is another hallmark of institutional economics based on what is known about psychology and cognitive science, rather than simple assumptions of economic behavior   more
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Evolutionary economics

Evolutionary economics is part of mainstream economics as well as a heterodox school of economic thought that is inspired by evolutionary biology. Much like mainstream economics, it stresses complex interdependencies, competition, growth, structural...  change, and resource constraints but differs in the approaches which are used to analyze these phenomena.Evolutionary economics deals with the study of processes that transform economy for firms, institutions, industries, employment, production, trade and growth within, through the actions of diverse agents from experience and interactions, using evolutionary methodology. Evolutionary economics analyses the unleashing of a process of technological and institutional innovation by generating and testing a diversity of ideas which discover and accumulate more survival value for the costs incurred than competing alternatives. The evidence suggests that it could be adaptive efficiency that defines economic efficiency. Mainstream economic reasoning begins with the postulates of scarcity and rational agents, with the "rational choice" for any agent being a straightforward exercise in mathematical optimization   more
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Public Choice school

Public choice or public choice theory refers to "the use of economic tools to deal with traditional problems of political science". Its content includes the study of political behavior. In political science, it is the subset of positive political th... eory that studies self-interested agents and their interactions, which can be represented in a number of ways, such as standard constrained utility maximization, game theory, or decision theory. Public choice analysis has roots in positive analysis but is often used for normative purposes in order to identify a problem or suggest improvements to constitutional rules.Under the Journal of Economic Literature's classification code, public choice is a subarea of microeconomics, under JEL: D7: "Analysis of Collective Decision-Making". Public choice theory is also closely related to social choice theory, a mathematical approach to aggregation of individual interests, welfares, or votes. Much early work had aspects of both, and both use the tools of economics and game theory. Since voter behavior influences the behavior of public officials, public choice theory often uses results from social choice theory   more
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New institutional economics

New institutional economics is an economic perspective that attempts to extend economics by focusing on the social and legal norms and rules that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical ec... onomics. It can be seen as a broadening step to include aspects excluded in neoclassical economics. It rediscovers aspects of classical political economy   more
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New Keynesian economics

New Keynesian economics is a school of contemporary macroeconomics that strives to provide microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of New Classical m... acroeconomics.Two main assumptions define the New Keynesian approach to macroeconomics. Like the New Classical approach, New Keynesian macroeconomic analysis usually assumes that households and firms have rational expectations. But the two schools differ in that New Keynesian analysis usually assumes a variety of market failures. In particular, New Keynesians assume that there is imperfect competition in price and wage setting to help explain why prices and wages can become "sticky", which means they do not adjust instantaneously to changes in economic conditions.Wage and price stickiness, and the other market failures present in New Keynesian models, imply that the economy may fail to attain full employment. Therefore, New Keynesians argue that macroeconomic stabilization by the government or by the central bank can lead to a more efficient macroeconomic outcome than a laissez faire policy would   more
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Distributism

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 Rerum Novarum, and Pope Pius's XI encyclical Quadragesi... mo Anno. 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   more
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Post-Keynesian economics

Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, although its subsequent development was influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Paul Davi... dson and Piero Sraffa. Keynes's biographer Lord Skidelsky writes that the Post Keynesian school has remained closest to the spirit of Keynes's own work   more
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Ecological economics

Ecological economics is referred to as both a transdisciplinary and interdisciplinary field of academic research that aims to address the interdependence and coevolution of human economies and natural ecosystems over time and space. It is distinguis... hed from environmental economics, which is the mainstream economic analysis of the environment, by its treatment of the economy as a subsystem of the ecosystem and its emphasis upon preserving natural capital. 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.Ecological economics was founded as a modern movement in the works of and interactions between various European and American academics. The related field of green economics is, in general, a more politically applied form of the subject.According to ecological economist Malte Faber, ecological economics is defined by its focus on nature, justice, and time   more
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Freiburg school

The Freiburg School is a school of economic thought founded in the 1930s at the University of Freiburg.It builds somewhat on the earlier historical school of economics but stresses that only some forms of competition are good, while others may requi... re oversight. This is considered a lawful and legitimate role of government in a democracy in the Freiburg School. The School provided the economic theoretical elements of ordoliberalism and the social market economy in post-war Germany   more
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Constitutional economics

Constitutional economics is a research program in economics and constitutionalism that has been described as extending beyond the definition of "the economic analysis of constitutional law" in explaining the choice "of alternative sets of legal-inst... itutional-constitutional rules that constrain the choices and activities of economic and political agents." This is distinct from explaining the choices of economic and political agents within those rules, a subject of "orthodox" economics.Constitutional economics studies the "compatibility of effective economic decisions with the existing constitutional framework and the limitations or the favorable conditions created by that framework." It has been characterized as a practical approach to apply the tools of economics to constitutional matters. For example, a major concern of every nation is the proper allocation of available national economic and financial resources. The legal solution to this problem falls within the scope of constitutional economics   more
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Heterodox economics

Heterodox economics refers to methodologies or schools of economic thought that are considered outside of "mainstream economics", often represented by expositors as contrasting with or going beyond neoclassical economics. "Heterodox economics" is an...  umbrella term used to cover various approaches, schools, or traditions. These include socialist, Marxian, institutional, evolutionary, Georgist, Austrian, feminist, social, post-Keynesian, and ecological economics among others. In the JEL classification codes developed by the Journal of Economic Literature, heterodox economics is in the second of the 19 primary categories at:JEL: B - History of Economic Thought, Methodology, and Heterodox Approaches.Mainstream economics may be called orthodox or conventional economics by its critics. Alternatively, mainstream economics deals with the "rationality-individualism-equilibrium nexus" and heterodox economics is more "radical" in dealing with the "institutions-history-social structure nexus". Mainstream economists sometimes assert that heterodox economics has little or no influence on the vast majority of academic economists in the English speaking world   more
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New classical macroeconomics

New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations...  based on microeconomics, especially rational expectations.New classical macroeconomics strives to provide neoclassical microeconomic foundations for macroeconomic analysis. This is in contrast with its rival new Keynesian school that uses microfoundations such as price stickiness and imperfect competition to generate macroeconomic models similar to earlier, Keynesian ones   more
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Stockholm school

The Stockholm School, is a school of economic thought whose antithesis is the gold standard centered Austrian School of Economics. It refers to a loosely organized group of Swedish economists that worked together, in Stockholm, Sweden primarily in t... he 1930s.The Stockholm School had at the same time as John Maynard Keynes, but independently, 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.William Barber’s comment upon Gunnar Myrdal´s work on monetary theory goes like this:“If his contribution had been available to readers of English before 1936, it is interesting to speculate whether the ‘revolution’ in macroeconomic theory of the depression decade would be referred to as ‘Myrdalian’ as much as ‘Keynesian’   more
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Chicago school of economics

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.In the context of macroeconomics, it is c... onnected to the freshwater school of macroeconomics, in contrast to the saltwater school based in coastal universities. Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The freshwater-saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Specifically, New Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages.Chicago economists have also left their intellectual influence in other fields, notably in pioneering public choice theory and law and economics, which have led to revolutionary changes in the study of political science and law   more
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Lausanne School

The Lausanne School of economics, sometimes referred to as the Mathematical School, refers to the neoclassical economics school of thought surrounding Léon Walras and Vilfredo Pareto. The central feature of the Lausanne School was its development of...  general equilibrium theory. Polish economist Leon Winiarski is also said to have been a member of the Lausanne School   more
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Neo-Ricardianism

The neo-Ricardian school is an economic school that derives from the close reading and interpretation of David Ricardo by Piero Sraffa, and from Sraffa's critique of neo-classical economics as presented in his The Production of Commodities by Means ... of Commodities, and further developed by the neo-Ricardians in the course of the Cambridge capital controversy. It particularly disputes neo-classical theory of income distribution.Prominent neo-Ricardians are usually held to include Pierangelo Garegnani, Krishna Bharadwaj, Luigi Pasinetti, Joan Robinson, John Eatwell, Fernando Vianello, Murray Milgate, Ian Steedman, Heinz Kurz, Neri Salvadori, Bertram Schefold, Fabio Petri, Massimo Pivetti, Franklin Serrano, Fabio Ravagnani, Roberto Ciccone, Sergio Parrinello, Alessandro Roncaglia, Maurice Dobb, Gilbert Abraham-Frois and Giorgio Gilibert.The school partially overlaps with post-Keynesian and neo-Marxian economics   more
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Ancient economic thought

In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages.Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study...  as a separate discipline during the 18th century   more
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UtherPenguin says2015-07-01T18:47:02.6040679-05:00
Heilbait
triangle.128k says2015-07-01T20:08:55.3377456-05:00
@UtherPenguin Want to see the fault of Islamic economics? Go look at Iran, Iraq or some other islamic theocracy.
Anonymous says2015-07-01T22:36:58.6308291-05:00
Iran's GDP per capita is quote high at around 13,000 usd but it's not failing because its "islamic," rather foreign powers ie the US places huge sanctions to deter nuclearization of Iran. Also, islamic empires were among the richest of manind to have ever existed through trade and commerce like the abbasid and early ottoman empires. Http://www.Indexmundi.Com/iran/gdp_per_capita_(ppp).Html
Diqiucun_Cunmin says2015-07-01T23:39:07.3643007-05:00
IMHO, it would be preferable to have two separate polls for macro and micro.
TyroneShelton says2015-07-06T00:26:21.5276636-05:00
All of them

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