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The History of Economic Thought

Economics is a tough subject. It’s difficult to watch and analyze the way trends happen because certain events can cause them to constantly change all the time. In time, different economic thinkers and theorists form their own thoughts on economics, influencing the “schools of thought” or beliefs, leading to an interesting history of economic thought. There are multiple schools of economic thought and each one at one point taught different economic theories. Some of these theories proved to be false while others were found to be more true to life. However, things are still evolving and new schools of thought start to blossom all the time. Here are some links to information about the most significant schools of economic thought.

Pre-Classical

• The Pre-Classical Period: Discusses the pre-classical period and how it influenced economic thought.
• Mercantilists: A look at Mercantilism, an economic idea which states that a nation’s success depends on its supply of capital.
• Physiocrats: Focuses on a group of philosophers who lived during the period.
• The Salamanca School: Provides information on the largest economic thought school that existed at the time.

Classical (Surplus) School

• Adam Smith's Works: A compilation of works by the “Father of Modern Economics,” a great champion on the classical school.
• The Classical School: Uses graphs and diagrams to explain the principles of classical economics.
• Classical Economics: Provides an in-depth explanation of classical economics and why it was taught.
• Marx’s Critique of Classical Economics: A good compilation of Marx’s critiques.
• The Bankruptcy of Classical Economics: Shows why classical economics eventually waned in popularity.

Anglo-American Neoclassicals

• Origins of the Anglo-American Model: Provides information on the development of this school of thought.

• The American Apologists: Explains about “American Apologists,” a group of arch-conservative economists from late 19^th century up to early 20^th century.
• Alfred Marshall: A good resource page on a pioneer of modern economics, with information on his works and other resources.
• Monetarists: Discusses the monetarists, one of groups of economists at the time. There are links to their beliefs, theories, policies, and more.

Continental Neoclassicism

• Neoclassical Economics: Provides a good definition of neoclassical economics.
• Definition: Another page that clearly defines neoclassical economics.
• Neoclassicism: Discusses different aspects of neoclassicism including continental neoclassic.
• Karl Menger: Dedicated to Karl Menger, an important figure in this school of thought.

Heterodox Traditions

• The Heterodox Traditions: Offers a definition on heterodox traditions.
• Utopian Socialism: Discusses the theory of utopian socialism, which is part of the heterodox traditions.
• Utopian Socialism: Another page that discusses utopian socialism.
• Neo-Marxist Dependency Theories: Discusses one of the theories related to heterodox traditions.

Keynesians

• John Maynard Keynes: Dedicated to the founder of the Keynesians. Some sections include “Keynes and Investing,” “Keynes the Speculator,” and more.
• Keynes: Discusses Keynes’ life and his influence in the economic world.
• Keynesian Economics: A brief summary of Keynesian economics.
• Disequilibrium Keynesianism: Discusses one aspect of Keynesian economics.

 

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