Search results
Results from the WOW.Com Content Network
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.
Structuralist economics is an approach to economics that emphasizes the importance of taking into account structural features (typically) when undertaking economic analysis. The approach originated with the work of the Economic Commission for Latin America (ECLA or CEPAL) and is primarily associated with its director Raúl Prebisch and ...
An immediate example of this is the consumer theory of individual demand, ... Gary Becker in 1974 presented an economic theory of social interactions, ...
The mainstream economic models of the 20th century, defined here as those taught the most in Economics introductory courses around the world, are neoclassical. The Circular Flow published by Paul Samuelson in 1944 and the supply and demand curves published by William S. Jevons in 1862 are canonical examples of neoclassical economic models ...
An economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions.
Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions. The field can encompass a wide variety of ...
Some Marxist economists criticized Keynesian economics. [113] For example, in his 1946 appraisal [114] Paul Sweezy—while admitting that there was much in the General Theory's analysis of effective demand that Marxists could draw on—described Keynes as a prisoner of his neoclassical upbringing. Sweezy argued that Keynes had never been able ...
Heterodox economics is a broad, relative term referring to schools of economic thought which are not commonly perceived as belonging to mainstream economics. There is no absolute definition of what constitutes heterodox economic thought, as it is defined in constrast to the most prominent, influential or popular schools of thought in a given ...