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In the
history of economic thought History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the invention of writing systems is considered prehistory. "History" is an umbrella term comprising past events as well ...
, a school of economic thought is a group of
economic An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with th ...
thinkers who share or shared a common perspective on the way
economies An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the ...
work. While
economist An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...
s do not always fit into particular schools, particularly in modern times, classifying economists into
schools of thought 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. ...
is common. Economic thought may be roughly divided into three phases: premodern (
Greco-Roman The Greco-Roman civilization (; also Greco-Roman culture; spelled Graeco-Roman in the Commonwealth), as understood by modern scholars and writers, includes the geographical regions and countries that culturally—and so historically—were di ...
,
Indian Indian or Indians may refer to: Peoples South Asia * Indian people, people of Indian nationality, or people who have an Indian ancestor ** Non-resident Indian, a citizen of India who has temporarily emigrated to another country * South Asia ...
, Persian,
Islamic Islam (; ar, ۘالِإسلَام, , ) is an Abrahamic monotheistic religion centred primarily around the Quran, a religious text considered by Muslims to be the direct word of God (or '' Allah'') as it was revealed to Muhammad, the ma ...
, and Imperial Chinese), early modern (
mercantilist Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It promotes imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal. The policy aims to reduc ...
,
physiocrats Physiocracy (; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the value of "land agricultur ...
) and modern (beginning with
Adam Smith Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——� ...
and
classical economics Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam S ...
in the late 18th century, and
Karl Marx Karl Heinrich Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary. His best-known titles are the 1848 ...
and Friedrich Engels'
Marxian economics Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian ...
in the mid 19th century). Systematic economic theory has been developed mainly since the beginning of what is termed the
modern era The term modern period or modern era (sometimes also called modern history or modern times) is the period of history that succeeds the Middle Ages (which ended approximately 1500 AD). This terminology is a historical periodization that is appli ...
. Currently, the great majority of economists follow an approach referred to as
mainstream economics Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis for discussion. Also known as orthodox economics, it can be contrasted to ...
(sometimes called 'orthodox economics'). Economists generally specialize into either macroeconomics, broadly on the general scope of the economy as a whole, and microeconomics, on specific markets or actors. Within the macroeconomic mainstream in the United States, distinctions can be made between
saltwater Saline water (more commonly known as salt water) is water that contains a high concentration of dissolved salts (mainly sodium chloride). On the United States Geological Survey (USGS) salinity scale, saline water is saltier than brackish water, ...
economists and the more
laissez-faire ''Laissez-faire'' ( ; from french: laissez faire , ) is an economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies) deriving from special interest groups ...
ideas of freshwater economists. 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, structural models for counterfactual analysis, etc.), and the importance of partial equilibrium models for analyzing specific factors important to the economy (e.g. banking). Some influential approaches of the past, such as the
historical school of economics 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 professors involved compiled massive eco ...
and
institutional economics Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the ...
, have become defunct or have declined in influence, and are now considered heterodox approaches. Other longstanding heterodox schools of economic thought include
Austrian economics The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school ...
and
Marxian economics Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian ...
. Some more recent developments in economic thought such as
feminist economics Feminist economics is the critical study of economics and economies, with a focus on gender-aware and inclusive economic inquiry and policy analysis. Feminist economic researchers include academics, activists, policy theorists, and practitio ...
and ecological economics adapt and critique mainstream approaches with an emphasis on particular issues rather than developing as independent schools.


Contemporary economic thought


Mainstream economics

Mainstream economics is distinguished in general economics from
heterodox In religion, heterodoxy (from Ancient Greek: , "other, another, different" + , "popular belief") means "any opinions or doctrines at variance with an official or orthodox position". Under this definition, heterodoxy is similar to unorthodoxy, w ...
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
tradeoff A trade-off (or tradeoff) is a situational decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases, and anot ...
s. With scarcity, choosing one alternative implies forgoing another alternative—the
opportunity cost In microeconomic theory, the opportunity cost of a particular activity is the value or benefit given up by engaging in that activity, relative to engaging in an alternative activity. More effective it means if you chose one activity (for example ...
. The opportunity cost expresses an implicit relationship between competing alternatives. Such costs, considered as prices in a market economy, are used for analysis of
economic efficiency In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: * Allocative or Pareto efficiency: any changes made to assist one person would harm another. * Productive efficiency: no addi ...
or for predicting responses to disturbances in a market. In a
planned economy A planned economy is a type of economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. A planned economy may use centralized, decentralized, ...
comparable
shadow price A shadow price is the monetary value assigned to an abstract or intangible commodity which is not traded in the marketplace. This often takes the form of an externality. Shadow prices are also known as the recalculation of known market prices in o ...
relations must be satisfied for the efficient use of resources, as first demonstrated by the Italian economist Enrico Barone. Economists believe that incentives and costs play a pervasive role in shaping
decision making In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either ra ...
. An immediate example of this is the
consumer theory The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption as measured by their pref ...
of individual demand, which isolates how prices (as costs) and income affect quantity demanded. Modern mainstream economics has foundations in
neoclassical economics Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good ...
, which began to develop in the late 19th century. Mainstream economics also acknowledges the existence of
market failure In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. Market failures can be viewed as scenarios where indiv ...
and insights from
Keynesian economics Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output ...
, most contemporaneously in the macroeconomic
new neoclassical synthesis The new neoclassical synthesis (NNS), which is now generally referred to as New Keynesian economics, and occasionally as the New Consensus, is the fusion of the major, modern macroeconomic schools of thought – new classical macroeconomics/ real ...
. It uses models of
economic growth Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate o ...
for analyzing long-run variables affecting
national income A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted nat ...
. It employs
game theory Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has appli ...
for modeling market or non-market behavior. Some important insights on collective behavior (for example,
emergence In philosophy, systems theory, science, and art, emergence occurs when an entity is observed to have properties its parts do not have on their own, properties or behaviors that emerge only when the parts interact in a wider whole. Emergenc ...
of
organization An organization or organisation (Commonwealth English; see spelling differences), is an entity—such as a company, an institution, or an association—comprising one or more people and having a particular purpose. The word is derived f ...
s) have been incorporated through the
new institutional economics New Institutional Economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions (that is to say the social and legal norms and rules) that underlie economic activity and with analysis beyond earlier ...
. A definition that captures much of modern economics is that of
Lionel Robbins Lionel Charles Robbins, Baron Robbins, (22 November 1898 – 15 May 1984) was a British economist, and prominent member of the economics department at the London School of Economics (LSE). He is known for his leadership at LSE, his proposed de ...
in a 1932 essay: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."
Scarcity In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good. ...
means that available
resources Resource refers to all the materials available in our environment which are technologically accessible, economically feasible and culturally sustainable and help us to satisfy our needs and wants. Resources can broadly be classified upon their av ...
are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem. The subject thus defined involves the study of
choice A choice is the range of different things from which a being can choose. The arrival at a choice may incorporate motivators and models. For example, a traveler might choose a route for a journey based on the preference of arriving at a give ...
, as affected by incentives and resources. Mainstream economics encompasses a wide (but not unbounded) range of views. Politically, most mainstream economists hold views ranging from
laissez-faire ''Laissez-faire'' ( ; from french: laissez faire , ) is an economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies) deriving from special interest groups ...
to modern liberalism. There are also differing views on certain empirical claims within macroeconomics, such as the effectiveness of expansionary
fiscal policy In economics and political science, fiscal policy is the use of government revenue collection ( taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variabl ...
under certain conditions. 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
Monetarists Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the money supply have major influences on nationa ...
and Neo-Keynesians), in which economists of differing schools would disagree on whether a given work was even a legitimate contribution to the field.


Contemporary heterodox economics

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 Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis for discussion. Also known as orthodox economics, it can be contrasted to ...
. The most significant are
Institutional economics Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the ...
,
Marxian economics Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian ...
and the
Austrian School The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian scho ...
. The development of
Keynesian economics Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output ...
was a substantial challenge to the dominant neoclassical school of economics. Keynesian views entered the mainstream as a result of the
neoclassical synthesis The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Key ...
developed by
John Hicks Sir John Richards Hicks (8 April 1904 – 20 May 1989) was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economic ...
. 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
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 ...
. Heterodox approaches often embody criticisms of perceived "mainstream" approaches. For instance: * feminist economics 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 asset A capital asset is defined as property of any kind held by an assessee, whether connected with their business or profession or not connected with their business or profession. It includes all kinds of property, movable or immovable, tangible or i ...
model as
natural capital Natural capital is the world's stock of natural resources, which includes geology, soils, air, water and all living organisms. Some natural capital assets provide people with free goods and services, often called ecosystem services. All of t ...
; and * 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
full employment Full employment is a situation in which there is no cyclical or deficient-demand unemployment. Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely structural and frictional, may remain. F ...
. Other viewpoints on economic issues from outside mainstream economics include
dependency theory Dependency theory is the notion that resources flow from a " periphery" of poor and underdeveloped states to a " core" of wealthy states, enriching the latter at the expense of the former. A central contention of dependency theory is that poor ...
and
world systems theory World-systems theory (also known as world-systems analysis or the world-systems perspective)Immanuel Wallerstein, (2004), "World-systems Analysis." In ''World System History'', ed. George Modelski, in ''Encyclopedia of Life Support Systems'' (E ...
in the study of
international relations International relations (IR), sometimes referred to as international studies and international affairs, is the scientific study of interactions between sovereign states. In a broader sense, it concerns all activities between states—such ...
.


Historical economic thought

Modern macro- and microeconomics are young sciences. 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 to mercantilism and its emphasis on the hoarding of precious metals.


Ancient economic thought

*
Chanakya Chanakya ( Sanskrit: चाणक्य; IAST: ', ; 375–283 BCE) was an ancient Indian polymath who was active as a teacher, author, strategist, philosopher, economist, jurist, and royal advisor. He is traditionally identified as Kauṭi ...
(Kautilya) *
Xenophon Xenophon of Athens (; grc, Ξενοφῶν ; – probably 355 or 354 BC) was a Greek military leader, philosopher, and historian, born in Athens. At the age of 30, Xenophon was elected commander of one of the biggest Greek mercenary armies o ...
*
Aristotle Aristotle (; grc-gre, Ἀριστοτέλης ''Aristotélēs'', ; 384–322 BC) was a Greek philosopher and polymath during the Classical period in Ancient Greece. Taught by Plato, he was the founder of the Peripatetic school of ...
*
Qin Shi Huang Qin Shi Huang (, ; 259–210 BC) was the founder of the Qin dynasty and the first emperor of a unified China. Rather than maintain the title of " king" ( ''wáng'') borne by the previous Shang and Zhou rulers, he ruled as the First Empero ...
*
Wang Anshi Wang Anshi ; ; December 8, 1021 – May 21, 1086), courtesy name Jiefu (), was a Chinese economist, philosopher, poet, and politician during the Song dynasty. He served as chancellor and attempted major and controversial socioeconomic reforms ...


Islamic economics

Islamic economics is the practice of economics in accordance with
Islamic law Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the ...
. The origins can be traced back to the
Caliphate A caliphate or khilāfah ( ar, خِلَافَة, ) is an institution or public office under the leadership of an Islamic steward with the title of caliph (; ar, خَلِيفَة , ), a person considered a political-religious successor to th ...
, where an early
market economy A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand, where all suppliers and consumers ...
and some of the earliest forms of
merchant capitalism Some economic historians use the term merchant capitalism to refer to the earliest phase in the development of capitalism as an economic and social system. However, others argue that mercantilism, which has flourished widely in the world without ...
took root between the 8th–12th centuries, 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 Zakat ( ar, زكاة; , "that which purifies", also Zakat al-mal , "zakat on wealth", or Zakah) is a form of almsgiving, often collected by the Muslim Ummah. It is considered in Islam as a religious obligation, and by Quranic ranking, is ...
and
Jizya Jizya ( ar, جِزْيَة / ) is a per capita yearly taxation historically levied in the form of financial charge on dhimmis, that is, permanent non-Muslim subjects of a state governed by Islamic law. The jizya tax has been understood in ...
), 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 Fractional-reserve banking is the system of banking operating in almost all countries worldwide, under which banks that take deposits from the public are required to hold a proportion of their deposit liabilities in liquid assets as a reserv ...
is disallowed as a form of breach of trust. It saw innovations such as
trading companies Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. An early form of trade, barter, saw the direct excha ...
,
big business Big business involves large-scale corporate-controlled financial or business activities. As a term, it describes activities that run from "huge transactions" to the more general "doing big things". In corporate jargon, the concept is commonly ...
es,
contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tr ...
s,
bills of exchange A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a ...
, long-distance
international trade International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (see: World economy) In most countries, such trade represents a significa ...
, the first forms of
partnership A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments ...
(''mufawada'') such as
limited partnership A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited ...
s (''mudaraba''), and the earliest forms of
credit Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt) ...
,
debt Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The ...
,
profit Profit may refer to: Business and law * Profit (accounting), the difference between the purchase price and the costs of bringing to market * Profit (economics), normal profit and economic profit * Profit (real property), a nonpossessory inter ...
,
loss Loss may refer to: Arts, entertainment, and media Music * ''Loss'' (Bass Communion album) (2006) * ''Loss'' (Mull Historical Society album) (2001) *"Loss", a song by God Is an Astronaut from their self-titled album (2008) * Losses "(Lil Tjay son ...
,
capital Capital may refer to: Common uses * Capital city, a municipality of primary status ** List of national capital cities * Capital letter, an upper-case letter Economics and social sciences * Capital (economics), the durable produced goods used fo ...
(''al-mal''),
capital accumulation Capital accumulation is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form ...
(''nama al-mal''),Jairus Banaji (2007), "Islam, the Mediterranean and the rise of capitalism", ''
Historical Materialism Historical materialism is the term used to describe Karl Marx's theory of history. Marx locates historical change in the rise of class societies and the way humans labor together to make their livelihoods. For Marx and his lifetime collaborat ...
'' 15 (1), pp. 47–74,
Brill Publishers Brill Academic Publishers (known as E. J. Brill, Koninklijke Brill, Brill ()) is a Dutch international academic publisher founded in 1683 in Leiden, Netherlands. With offices in Leiden, Boston, Paderborn and Singapore, Brill today publishes 2 ...
.
circulating capital Circulating capital includes intermediate goods and operating expenses, i.e., short-lived items that are used in production and used up in the process of creating other goods or services.Mark Blaug, 2008. "circulating capital," ''The New Palgrave ...
,
capital expenditure Capital expenditure or capital expense (capex or CAPEX) is the money an organization or corporate entity spends to buy, maintain, or improve its fixed assets, such as buildings, vehicles, equipment, or land. It is considered a capital expenditure ...
,
revenue In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Commercial revenue may also be referred to as sales or as turnover. Some companies receive rev ...
,
cheque A cheque, or check (American English; see spelling differences) is a document that orders a bank (or credit union) to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The pers ...
s,
promissory note A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the ''maker'' or ''issuer'') promises in writing to pay a determinate sum of ...
s,
trusts A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the "sett ...
(see ''
Waqf A waqf ( ar, وَقْف; ), also known as hubous () or '' mortmain'' property is an inalienable charitable endowment under Islamic law. It typically involves donating a building, plot of land or other assets for Muslim religious or charitab ...
''),
startup companies A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship refers to all new businesses, including self-employment and businesses that never intend t ...
,
savings account A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, transa ...
s,
transactional account A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution. It is available to the ...
s, pawning,
loan In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that ...
ing,
exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of t ...
s,
bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
ers,
money changer A money changer is a person or organization whose business is the exchange of coins or currency of one country for that of another. This trade was a predecessor of modern banking. The advent of paper money in the mid-17th century and the develop ...
s,
ledger A ledger is a book or collection of accounts in which account transactions are recorded. Each account has an opening or carry-forward balance, and would record each transaction as either a debit or credit in separate columns, and the ending or ...
s,
deposits A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. ...
, assignments, the double-entry bookkeeping system, lawsuits, and Agency (law), agency institution. This school has seen a revived interest in development and understanding since the later part of the 20th century. *Early reforms under Islam#Economic reforms, Muhammad *Abu Hanifa an-Nu‘man *Abu Yusuf *Al-Farabi (Alpharabius) *Shams al-Mo'ali Abol-hasan Ghaboos ibn Wushmgir (Qabus) *Avicenna, 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

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


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 Roman Catholic Church, church. Economic exchanges were regulated by Feudalism, feudal rights, such as the right to collect a Toll road, toll or hold a fair, as well as guild restrictions and religious restrictions on Usury, 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. *Gerard de Malynes *Edward Misselden *Thomas Mun *Jean Bodin *Jean Baptiste Colbert *Josiah Child *William Petty *John Locke *Charles Davenant *Dudley North (economist), Dudley North *Ferdinando Galiani *James Denham-Steuart


Physiocrats

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
Adam Smith Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——� ...
and the classical economists. *Anne Robert Jacques Turgot *François Quesnay *Pierre le Pesant de Boisguilbert *Richard Cantillon


Classical political economy

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 value. 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 liberalism, classical liberal of Nordic countries, Nordic history. Chydenius, who was a Finland, Finnish priest and riksdag of the estates, 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 Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——� ...
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. *
Adam Smith Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——� ...
*Francis Hutcheson (philosopher), Francis Hutcheson *Bernard de Mandeville *David Hume *Henry George *Thomas Malthus *James Mill *Francis Place *David Ricardo *Henry Thornton (abolitionist), 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 Karl Heinrich Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary. His best-known titles are the 1848 ...
*Nassau William Senior *Edward Gibbon Wakefield *John Rae (economist), John Rae *Thomas Tooke (economist), Thomas Tooke *Robert Torrens (economist), Robert Torrens


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 to finance infrastructure projects, as well as Second Report on Public Credit, National Banking, First Report on the Public Credit, Public Credit, and Report on Manufactures, 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. *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

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


Historical school

The
historical school of economics 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 professors involved compiled massive eco ...
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. *Wilhelm Roscher *Gustav von Schmoller *Werner Sombart *Max Weber *Joseph Schumpeter *Karl Polanyi


English historical school

Although not nearly as famous as its German counterpart, there was also an English Historical School, whose figures included William Whewell, Richard Jones (economist), Richard Jones, Thomas Edward Cliffe Leslie, Walter Bagehot, Thorold Rogers, Arnold Toynbee (historian, born 1852), Arnold Toynbee, William Cunningham (economist), William Cunningham, and William Ashley (economic historian), William Ashley. It was this school that heavily critiqued the deductive approach of the classical economists, especially the writings of David Ricardo. This school revered the inductive process and called for the merging of historical fact with those of the present period. *Edmund Burke *Richard Jones (economist), Richard Jones *Thomas Edward Cliffe Leslie *Walter Bagehot *Thorold Rogers *William Ashley (economic historian), William J. Ashley *William Cunningham (economist), William Cunningham


French historical school

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


Utopian economics

*William Godwin *Charles Fourier *Robert Owen *Claude Henri de Rouvroy, comte de Saint-Simon, Saint-Simon *Josiah Warren


Georgist economics

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. *Harry Gunnison Brown *Raymond Crotty *Ottmar Edenhofer *Fred Foldvary *Mason Gaffney *Henry George *Max Hirsch, Max Hirsch (economist) *Wolf Ladejinsky *Philippe Legrain *Donald Shoup *Nicolaus Tideman


Ricardian socialism

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 means of production. *John Francis Bray *John Gray (19th century socialist), John Gray *Charles Hall (economist), Charles Hall *Thomas Hodgskin *William Thompson (philosopher), William Thompson


Marxian economics

Marxian economics descended from the work of
Karl Marx Karl Heinrich Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary. His best-known titles are the 1848 ...
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.John Roemer, Roemer, J.E. (1987). "Marxian Value Analysis". Ernest Mandel, Mandel, Ernest (1987). "Marx, Karl Heinrich". *David Harvey *Eduard Bernstein *Grigory Feldman *Rosa Luxemburg *Richard D. Wolff *Rudolf Hilferding *Karl Kautsky *
Karl Marx Karl Heinrich Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary. His best-known titles are the 1848 ...
*Nikolai Bukharin *Nobuo Okishio *Paul Sweezy *Samir Amin *Vladimir Lenin *Yevgeni Preobrazhensky


Neo-Marxian economics

*David Gordon (economist), David Gordon *Samuel Bowles (economist), Samuel Bowles *Paul A. Baran *Adam Przeworski *Henryk Grossman


State socialism

*Claude Henri de Rouvroy, comte de Saint-Simon, Henri de Saint-Simon *Ferdinand Lassalle *Johann Karl Rodbertus *Fabian Society


Anarchist economics

Anarchist economics comprises a set of theories which seek to outline modes of production and exchange not governed by coercive social institutions: * Mutualism (economic theory), 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 democracy, direct Intentional community, communal democracy. * Anarcho-syndicalists advocate worker's direct action and the general strike. Thinkers associated with anarchist economics include: * Charles Fourier * Pierre-Joseph Proudhon * Peter Kropotkin * Mikhail Bakunin


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 ''Quadragesimo 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. *G. K. Chesterton *Hilaire Belloc


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. * Gunnar Myrdal * Thorstein Veblen * John R. Commons, John Rogers Commons * Wesley Clair Mitchell * John Maurice Clark * Robert A. Brady (economist), Robert A. Brady * Clarence Edwin Ayres * Romesh Dutt * John Kenneth Galbraith * Geoffrey Hodgson * Ha-Joon Chang


Neoclassical economics

Neoclassical economics is the dominant form of economics used today and has the highest amount of adherents among economists. It is often referred to by its critics as Orthodox Economics. The more specific definition this approach implies was captured by
Lionel Robbins Lionel Charles Robbins, Baron Robbins, (22 November 1898 – 15 May 1984) was a British economist, and prominent member of the economics department at the London School of Economics (LSE). He is known for his leadership at LSE, his proposed de ...
in a An Essay on the Nature and Significance of Economic Science, 1932 essay: "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 economic problem. *William Stanley Jevons *Francis Ysidro Edgeworth *Alfred Marshall *John Bates Clark *Irving Fisher *Knut Wicksell


Lausanne School

The Lausanne School of economics is an extension of the Neoclassical school of economics, neoclassical school of economic thought, named after 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 university, in the latter half of the 19th century. Beginning with Walras, the school is credited with playing a central role in the development of mathematical economics. For this reason, the school has also been referred to as the Mathematical School. A notable work of the Lausanne School is Walras’ development of the general equilibrium theory as a holistic means of analysing the economy, in contrast to Partial equilibrium, partial equilibrium theory, which only analyses single markets in isolation. 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 measure the welfare of an economy. Contrary to utilitarianism, 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. These observations formed the basis of Pareto efficiency, which describes a situation or outcome in which nobody can be made better off without also making someone else worse off. Pareto efficiency is still widely used in contemporary welfare economics as well as
game theory Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has appli ...
. *Léon Walras *Vilfredo Pareto


Austrian School

Austrian economists advocate methodological individualism in interpreting economic developments, the subjective theory of value, that money is neutrality of money, non-neutral, and emphasize the spontaneous order, organizing power of the price mechanism (see ''Economic calculation debate'') and a ''laissez faire'' approach to the economy. *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

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. 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. *Gunnar Myrdal *Bertil Ohlin


Keynesian economics

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. It has two successors. Post-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 simple optimizing models. Generally associated with Cambridge, England and the work of Joan Robinson (see Post-Keynesian economics). New-Keynesian economics is the other school associated with developments in the Keynesian fashion. These researchers tend to share with other Neoclassical economics, Neoclassical 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 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

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 monetarism as an alternative to Keynesianism and its influence on the use of rational expectations in macroeconomic modelling. *Frank Knight, 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

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


Neo-Ricardianism

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


New institutional economics

New institutional economics is a perspective that attempts to extend economics by focusing on the sociology, social and legal Norm (sociology), norms and rules (which are institutions) that underlie economic activity and with analysis beyond earlier
institutional economics Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the ...
and
neoclassical economics Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good ...
.Malcolm Rutherford (2001). "Institutional Economics: Then and Now," ''Journal of Economic Perspectives'', 15(3), pp. 185-90
173-194
.
L. J. Alston, (2008). "new institutional economics," ''The New Palgrave Dictionary of Economics'', 2nd Edition
Abstract.
/ref> It can be seen as a broadening step to include aspects excluded in neoclassical economics. It rediscovers aspects of classical political economy. * Douglass North * Oliver E. Williamson * Ronald Coase * Daron Acemoglu * Steven N. S. Cheung


20th century schools

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: *
Austrian School The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian scho ...
*Biological economics *Chicago school (economics), Chicago School *Constitutional economics *Ecological economics *Evolutionary economics *Free-market anarchism *Freiburg School *Freiwirtschaft *Georgism *
Institutional economics Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the ...
*
Keynesian economics Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output ...
*Marxian economics, Marxian (Marxist) and neo-Marxian economics *Neo-Ricardianism *New classical macroeconomics *New Keynesian economics *Post-Keynesian economics *Public Choice Theory, Public Choice school *School of Lausanne *Stockholm school (economics), Stockholm school 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 biology, biological science (based on evolutionary norms rather than abstract exchange). The study of risk 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. 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 information and moral hazard, both based around information economics, profoundly affected modern economic dilemmas like executive stock options, insurance markets, and Third World, Third-World debt relief. 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 fractal geometry to create economic models (see Energy Economics). In its infancy the application of non-linear dynamics to economic theory, as well as the application of evolutionary psychology explored the processes of valuation and the persistence of non-equilibrium conditions. The most visible work was in the area of applying fractals to market analysis, particularly arbitrage (see Complexity economics). Another infant branch of economics was neuroeconomics. The latter combines neuroscience, economics, and psychology to study how we make choices.


See also

* Birmingham School (economics), Birmingham School * Buddhist economics * Economic ideology * History of economic thought * JEL classification codes#History of economic thought, methodology, and heterodox approaches JEL: B Subcategories, Economic thought (category B) (JEL classification codes, JEL code) * Kameralism * Manchester capitalism, Manchester School * Structuralist economics


Notes


References


Sources

* * Spiegel, Henry William. 1991. ''The Growth of Economic Thought.'' Durham & London: Duke University Press. * John Eatwell, Murray Milgate, and Peter Newman, ed. (1987). ''The New Palgrave: A Dictionary of Economics'', v. 4, Appendix IV, History of Economic Thought and Doctrine, "Schools of Thought," p. 980 (list of 23 schools)


External links


History of Economic Thought and Critical Perspectives (NSSR)
{{Authority control Schools of economic thought, History of economic thought,