The Many Schools of Economics — Is there a “right” version?

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An often-overlooked fact: There are many different schools of economics with strongly opposing views of the world, yet many modern economies have eschewed all but one version.

As central bank strategy continues to be ineffectual in the current environment (see Economic Constraints and Policy Options and Current Textbooks Are Not Equipped to Deal with Our Economic World) it may be worthwhile to broaden the scope of economics, revisit old and alternative ideas, and realize that there may not be only one “right” version of economics — each may have its own strengths and weaknesses (see Ha-Joon Chang’s Economics is For Everyone! video).

Major Schools of Economics:

  • Classical
    • English Historical School
  • Neoclassical
    • Chicago School
    • Neo-Ricardianism
    • Lausanne School
  • Marxist
    • State Socialism
    • Neo-Marxian
  • Developmentalist
    • Mercantilist
  • Austrian
  • Schumpeterian
  • Keynesian
    • Stockholm School
  • Institutionalist
    • New Institutional Economics
  • Behavioralist

A brief description of each — 9 Major Schools of Economics


A visualization of the development of Economics — Family Tree of Economics