Monday, December 29, 2014

Nine Schools of Economic Thought

Mark Thornton writes:

Here is an interesting table comparing 9 schools of economic thought. You can certainly quibble with some of the content, but it makes for a good "cheat sheet" for a history of economic thought class or a lecture on schools of economics. Interestingly, the Austrian school is the "middle of the road" of the table. The "Developmentalist" school appears to be the post-WWII name for Mercantilism. This would also justify its placement before the Austrian school if the table is supposed to be read in historical time from left to right.

Click here to view the table.

(Table via Ha-Joon Chang)


  1. Heh? Individuals are "rational only because of an unquestioning acceptance of tradition"? I don't remember reading that in Human Action. So according to Business Insider, the Austrian School can be summed up by Tevye singing "Tradition!" from Fiddler on the Roof. Who knew...

    1. Duh, that's what "You can certainly quibble with some of the content," means.

    2. @ Plen

      I'm glad you responded. Courtesy costs nothing, yet I'm continually amazed how people will offend without thinking twice for no ostensible reason. He added "duh" for no reason other than to try to boost his own self esteem and your expense is all I can surmise.

      Is it so hard for people to disagree, agreeably?