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The Stockholm School is a school of economic thought. It refers to a loosely organized group of Swedish economists that worked together, in Stockholm, Sweden primarily in the 1930s. The Stockholm School had—like John Maynard Keynes—come to the same conclusions in macroeconomics and the theories of demand and supply.
In the early 1970s American Chicago School economist Robert E. Lucas, Jr. (1937–) founded New Classical Macroeconomics based on Milton Friedman's monetarist critique of Keynesian macroeconomics, and the idea of rational expectations, [128] first proposed in 1961 by John F. Muth, opposing the idea that government intervention can or should ...
Classical economics, also known as the classical school of economics, [1] or classical political economy, is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. It includes both the Smithian and Ricardian schools. [2]
There are at least two subtopics under the classical perspective: the scientific management and bureaucracy theory. [10] A number of sociologists and psychologists made major contributions to the study of the neoclassical perspective, which is also known as the human relations school of thought.
In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages. Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study as a separate discipline during the 18th century. [1] [2] [3] [4]
Steiner, Phillippe (2003) "Physiocracy and French Pre-Classical Political Economy", Chapter 5. in eds. Biddle, Jeff E, Davis, Jon B, & Samuels, Warren J.: A Companion to the History of Economic Thought. Blackwell Publishing, 2003. The History of Economic Thought Website, The New School of Social Research. 6 Feb. 2006
Adam Smith. The classical school of economic thought emerged in Britain in the late 18th century. The classical political economists Adam Smith, David Ricardo, Jean-Baptiste Say and John Stuart Mill published analyses of the production, distribution and exchange of goods in a market that have since formed the basis of study for most contemporary economists.
Schools are often characterized by their currency, and thus classified into "new" and "old" schools. There is a convention, in political and philosophical fields of thought, to have "modern" and "classical" schools of thought. An example is the modern and classical liberals. This dichotomy is often a component of paradigm shift. However, it is ...