Group of economic thinkers who share or shared a common perspective on the way economies work
In the
history of economic thought
, a
school of economic thought
is a group of
economic
thinkers who share or shared a mutual perspective on the way
economies
function. While
economists
do not always fit within particular schools, particularly in the modern era, classifying economists into
schools of thought
is common. Economic thought may be roughly divided into three phases: premodern (
Greco-Roman
,
Indian
,
Persian
,
Islamic
, and
Imperial Chinese
), early modern (
mercantilist
,
physiocrats
) and modern (beginning with
Adam Smith
and
classical economics
in the late 18th century, and
Karl Marx
and
Friedrich Engels'
Marxian economics
in the mid 19th century). Systematic economic theory has been developed primarily since the beginning of what is termed the
modern era
.
Currently, the great majority of economists follow an approach referred to as
mainstream economics
(sometimes called 'orthodox economics'). Economists generally specialize into either macroeconomics, broadly on the general scope of the economy as a whole,
[1]
and microeconomics, on specific markets or actors.
Within the macroeconomic mainstream in the United States, distinctions can be made between
saltwater
economists
[a]
and the more
laissez-faire
ideas of freshwater economists.
[b]
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).
[3]
Some influential approaches of the past, such as the
historical school of economics
and
institutional economics
, have become defunct or have declined in influence, and are now considered
heterodox approaches
. Other longstanding heterodox schools of economic thought include
Austrian economics
and
Marxian economics
. Some more recent developments in economic thought such as
feminist economics
and
ecological economics
adapt and critique mainstream approaches with an emphasis on particular issues rather than developing as independent schools.
Contemporary economic thought
[
edit
]
Mainstream economics
[
edit
]
| This article
is missing information
about microeconomics (information and behavioural), might require separating micro and macro into subsections?.
Please expand the article to include this information. Further details may exist on the
talk page
.
(
September 2020
)
|
Mainstream economics is distinguished in general economics from
heterodox
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
tradeoffs
. With scarcity, choosing one alternative implies forgoing another alternative—the
opportunity cost
. 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
or for predicting responses to disturbances in a market. In a
planned economy
comparable
shadow price
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
. An immediate example of this is the
consumer theory
of individual demand, which isolates how prices (as costs) and income affect quantity demanded. Modern mainstream economics has foundations in
neoclassical economics
, which began to develop in the late 19th century. Mainstream economics also acknowledges the existence of
market failure
and insights from
Keynesian economics
, most contemporaneously in the macroeconomic
new neoclassical synthesis
.
[4]
It uses models of
economic growth
for analyzing long-run variables affecting
national income
. It employs
game theory
for modeling market or non-market behavior. Some important insights on collective behavior (for example,
emergence
of
organizations
) have been incorporated through the
new institutional economics
. A definition that captures much of modern economics is that of
Lionel Robbins
in a
1932 essay
: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."
Scarcity
means that available
resources
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
, 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
to
modern liberalism
. There are also differing views on certain empirical claims within macroeconomics, such as the effectiveness of expansionary
fiscal policy
under certain conditions.
[5]
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
and
Neo-Keynesians
), in which economists of differing schools would disagree on whether a given work was even a legitimate contribution to the field.
[6]
Contemporary heterodox economics
[
edit
]
In the late 19th century, a number of heterodox schools contended with the
neoclassical
school that arose following the
marginal revolution
. Most survive to the present day as self-consciously dissident schools, but with greatly diminished size and influence relative to
mainstream economics
. The most significant are
Institutional economics
,
Marxian economics
and the
Austrian School
.
The development of
Keynesian economics
was a substantial challenge to the dominant neoclassical school of economics. Keynesian views entered the mainstream as a result of the
neoclassical synthesis
developed by
John Hicks
. The rise of Keynesianism, and its incorporation into mainstream economics, reduced the appeal of heterodox schools. However, advocates of a more fundamental critique of neoclassical economics formed a school of
post-Keynesian economics
.
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
model as
natural capital
; 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
.
Other viewpoints on economic issues from outside mainstream economics include
dependency theory
and
world systems theory
in the study of
international relations
.
Historical economic thought
[
edit
]
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
[8]
to mercantilism and its emphasis on the hoarding of precious metals.
Ancient economic thought
[
edit
]
Islamic economics
[
edit
]
Islamic economics is the practice of economics in accordance with
Islamic law
. The origins can be traced back to the
Caliphate
,
[9]
where an early
market economy
and some of the earliest forms of
merchant capitalism
took root between the 8th?12th centuries, which some refer to as "Islamic capitalism".
[10]
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
.
Trade in Islamic societies saw innovations such as
trading companies
,
big businesses
,
contracts
,
bills of exchange
, long-distance
international trade
, the first forms of
partnership
(
mufawada
) such as
limited partnerships
(
mudaraba
),
credit
,
debt
,
profit
,
loss
,
capital
(
al-mal
), and
capital accumulation
(
nama al-mal
),
[11]
circulating capital
,
capital expenditure
,
revenue
,
cheques
,
promissory notes
,
[12]
trusts
(see
Waqf
),
startup companies
,
[13]
savings accounts
,
transactional accounts
,
pawning
,
loaning
,
exchange rates
,
bankers
,
money changers
,
ledgers
,
deposits
,
assignments
, the
double-entry bookkeeping system
,
[14]
lawsuits
,
[15]
and
agency
institution.
[16]
[17]
This school has seen a revived interest in development and understanding since the later part of the 20th century.
Scholasticism
[
edit
]
Mercantilism
[
edit
]
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
fair
, 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.
Niccolo 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.
Physiocrats
[
edit
]
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
and the classical economists.
Classical political economy
[
edit
]
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 liberal
of
Nordic
history. Chydenius, who was a
Finnish
priest and
member of parliament
, published a book called
The National Gain
in 1765, in which he proposes ideas of freedom of trade and industry and explores the relationship between 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.
American School
[
edit
]
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
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.
French Liberal School
[
edit
]
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 College de France and the Institut de France. The Journal des Economistes 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.
Historical school
[
edit
]
The
historical school of economics
was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway 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
Etienne Laspeyres
,
Karl Bucher
,
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.
English historical school
[
edit
]
Although not nearly as famous as its German counterpart, there was also an English Historical School, whose figures included
William Whewell
,
Richard Jones
,
Thomas Edward Cliffe Leslie
,
Walter Bagehot
,
Thorold Rogers
,
Arnold Toynbee
,
William Cunningham
, and
William Ashley
. It was this school that heavily critiqued the deductive approach of the classical economists, 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.
French historical school
[
edit
]
Utopian economics
[
edit
]
Georgist economics
[
edit
]
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
.
Ricardian socialism
[
edit
]
Ricardian socialism is a branch of early 19th century classical economic thought based on the theory that labor is the source of all wealth and exchange value, and rent, profit and interest represent distortions to a free market. The pre-Marxian theories of capitalist exploitation they developed are widely regarded as having been heavily influenced by the works of
David Ricardo
, and favoured collective ownership of the
means of production
.
Marxian economics
[
edit
]
Marxian economics descended from the work of
Karl Marx
and
Friedrich Engels
. This school focuses on the
labor theory of value
and what Marx considered to be the exploitation of labour by capital. Thus, in Marxian economics, the labour theory of value is a method for measuring the exploitation of labour in a capitalist society rather than simply a theory of price.
[18]
[19]
Neo-Marxian economics
[
edit
]
State socialism
[
edit
]
Anarchist economics
[
edit
]
Anarchist economics comprises a set of theories which seek to outline modes of production and exchange not governed by coercive social institutions:
Thinkers associated with anarchist economics include:
Distributism
[
edit
]
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.
Institutional economics
[
edit
]
Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behaviour. Its original focus lay in
Thorstein Veblen
's instinct-oriented dichotomy 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
.
[20]
[21]
Neoclassical economics
[
edit
]
Neoclassical economics is often referred to by its critics as
Orthodox Economics
. The more specific definition this approach implies was captured by
Lionel Robbins
in a
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
.
Lausanne School
[
edit
]
The Lausanne School of economics is an extension of the
neoclassical school
of economic thought, named after the
University of Lausanne
in
Switzerland
. The school is primarily associated with
Leon Walras
and
Vilfredo Pareto
, both of whom held successive professorships in political economy at the university, in the latter half of the 19th century.
[22]
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.
[23]
A notable work of the Lausanne School is Walras' development of the
general equilibrium theory
[24]
as a holistic means of analysing the economy, in contrast to
partial equilibrium theory
, which only analyses single markets in isolation.
[25]
The theory shows how a general equilibrium is reached through the interaction between demand and supply in an economy consisting of multiple markets operating simultaneously.
The Lausanne School is also largely credited with the foundation of
welfare economics
, through which Pareto sought to measure the welfare of an economy.
[26]
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.
[27]
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.
[28]
Pareto efficiency is still widely used in contemporary welfare economics as well as
game theory
.
[29]
Austrian School
[
edit
]
Austrian economists advocate
methodological individualism
in interpreting economic developments, the
subjective theory of value
, that money is
non-neutral
, and emphasize the
organizing power
of the
price mechanism
(see
Economic calculation debate
) and a
laissez faire
approach to the economy.
[30]
Stockholm School
[
edit
]
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.
Keynesian economics
[
edit
]
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
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
).
Chicago school
[
edit
]
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.
Carnegie School
[
edit
]
Neo-Ricardianism
[
edit
]
New institutional economics
[
edit
]
New institutional economics is a perspective that attempts to extend economics by focusing on the
social
and
legal
norms
and rules (which are
institutions
) that underlie economic activity and with analysis beyond earlier
institutional economics
and
neoclassical economics
.
[31]
It can be seen as a broadening step to include aspects excluded in neoclassical economics. It rediscovers aspects of classical
political economy
.
20th century schools
[
edit
]
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:
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
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
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
. Another infant branch of economics was
neuroeconomics
. The latter combines
neuroscience
, economics, and
psychology
to study how we make choices.
See also
[
edit
]
Notes
[
edit
]
References
[
edit
]
- ^
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Macroeconomics
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ISBN
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Blanchard, Oliver (5 January 2018).
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.
- ^
Woodford, Michael.
Convergence in Macroeconomics: Elements of the New Synthesis
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- ^
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- ^
Leshem, Dotan (February 2016).
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.
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- ^
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- ^
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- ^
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Mandel, Ernest
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. London and New York: Macmillan and Stockton. 9 December 2000. pp. v. 3, 372, 376.
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.
- ^
Walton H. Hamilton (1919). "The Institutional Approach to Economic Theory,"
American Economic Review
, 9(1), Supplement, p
p. 309
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Alternatives to Economic Orthodoxy: A Reader in Political Economy
, pp.
204-
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- ^
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Marchionatti, Roberto (2020).
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Price, L. L. (1909-09-01).
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The Invisible Hand: Economic Thought Yesterday and Today
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despite the particular policy views of its founders ..., Austrianism was perceived as the economics of the free market.
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Malcolm Rutherford (2001). "Institutional Economics: Then and Now,"
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Sources
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- Galbacs, Peter (2015).
The Theory of New Classical Macroeconomics. A Positive Critique
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doi
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- Spiegel, Henry William. 1991.
The Growth of Economic Thought.
Durham & London:
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- John Eatwell, Murray Milgate, and Peter Newman, ed. (1987).
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