Curated playlist
Schools of economic thought
- New classical macroeconomicsThe 1973 oil crisis broke the Keynesian consensus in Western economics.
- Keynesian economicsRichard Nixon said in 1971 that he was now a Keynesian in economics. He was a Republican president.
- Austrian school of economicsThe name "Austrian school" began as an insult from a German economist. Gustav von Schmoller coined it in 1883.
- Planned economyIn 1959, a Soviet engineer proposed a network of computers to run the economy.
- Saltwater and freshwater economicsEconomists split into freshwater and saltwater camps because of geography, not water.
- Feminist economicsNorway counted unpaid housework in its GDP, then dropped it in 1950. It wanted to match a new international standard.
- Schools of economic thoughtSchools of economic thought are groups of thinkers who share a view of how economies function. One striking early voice belonged to a Finnish priest named Anders Chydenius, who lived from 1729-1803 and sat in parliament. In 1765 he…
- Political economyPolitical economy got its name from a soldier-economist's 1615 book. Antoine de Montchrétien wrote it in France.
- Ecological economicsIn 1997, a study valued the world's ecosystem at $33 trillion. Global GDP that year was $27 trillion.
- Marxian economicsKarl Marx predicted boom and bust cycles when no other major economist saw them as built into capitalism.
- Economic historyEconomic history lost its own departments in the UK. Only the London School of Economics still keeps one.
- Chicago school of economicsThe Chicago school of economics is not a building or a department. It is a way of thinking about prices.
- Heterodox economicsKarl Marx and F.A. Hayek both count as heterodox economists. What unites them is what they reject, not what they share.
- Steady-state economyA steady-state economy is one that stops growing on purpose. Economist Herman Daly made it a political program.