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Schools of economic thought | HearLore
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Schools of economic thought
New classical macroeconomicsAdam Smith published The Wealth of Nations in 1776. This event marked the birth of classical economics as a modern school of thought.
Keynesian economicsIn 1892, J. M. Robertson raised the paradox of thrift during a debate about economic cycles. This early argument questioned why saving money could harm an…
Austrian school of economicsIn 1871, Carl Menger published Principles of Economics in Vienna. This book marked the birth of a distinct economic tradition that would later be called the…
Saltwater and freshwater economicsIn 1976, Robert E. Hall coined the terms freshwater and saltwater to describe two groups of American macroeconomists. The label freshwater applied to…
Feminist economicsIn 1988, a New Zealand economist named Marilyn Waring published a book titled If Women Counted: A New Feminist Economics.
Schools of economic thoughtIn the 8th century, merchants in the Caliphate began trading with a system that some historians call Islamic capitalism.
Political economyThe phrase économie politique first appeared in France in 1615 with the well-known book by Antoine de Montchrétien, Traité de l'economie politique.
Ecological economicsThe first organized meetings of ecological economists occurred in 1982 at a gathering held in Sweden. Lois Banner instigated this event, bringing together…
Marxian economicsKarl Marx published the first volume of Das Kapital in 1867, marking a decisive break from classical political economy. This work emerged as a direct…
Chicago school of economicsFrank Knight joined the University of Chicago economics department in 1929, bringing a perspective that would shape the school's early identity.
Heterodox economicsIn 2007, economist Frederic S. Lee estimated that only five to ten percent of American economists identified with heterodox schools of thought.
Steady-state economyAdam Smith published The Wealth of Nations in 1776, establishing the foundation for classical economics. He observed that any national economy would…