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Generally accepted economic schools of thought
Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists
Mainstream_economics
Groups who share a common perspective
majority of economists follow an approach known as mainstream economics (sometimes called 'orthodox economics'). Economists generally specialize into either
Schools_of_economic_thought
Approach to economics
formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s onward. The term was originally introduced
Neoclassical_economics
Distinct pattern of economic thought
Is Beautiful: Economics as if People Mattered (1973). Proponents argue for "persons-first" economic theories as opposed to mainstream economic theories
Humanistic_economics
Rare schools of economic thought
Heterodox economics is a broad, relative term referring to schools of economic thought which are not commonly perceived as belonging to mainstream economics. There
Heterodox_economics
Social science studying goods and services
theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics. Economic analysis
Economics
Application of complexity science to economics
many mainstream models have imposed constraints, such as requiring that budgets be balanced, and such constraints are avoided in complexity economics. Cross-cutting
Complexity_economics
2001 book by Steve Keen
Debunking Economics: The Naked Emperor of the Social Sciences is a book by the economist Steve Keen about the problems with mainstream economics. The book
Debunking_Economics
School of economic thought
Sometime during the middle of the 20th century, Austrian economics was largely sidelined by mainstream economists who favored mathematical modeling and statistical
Austrian_school_of_economics
Interdependence of human economies and natural ecosystems
capital, the field of ecological economics is differentiated from environmental economics, which is the mainstream economic analysis of the environment
Ecological_economics
School of economic thought
neoclassical economics has been dominant in mainstream macroeconomics since the 1980s. Post-Keynesian economics can be seen as an attempt to rebuild economic
Post-Keynesian_economics
Economic thinktank
involved in this process. Much of The Others Canon's criticism of the mainstream economics regards the focus on equilibrium and the static, as well as what
The_Other_Canon_Foundation
Subject inspired by evolutionary biology
evolutionary approach to economics in recent decades seems to have initially emerged as a criticism of the mainstream neoclassical economics, but by the beginning
Evolutionary_economics
1973 book by Ernst Friedrich Schumacher
globalisation helped bring Schumacher's Small Is Beautiful critiques of mainstream economics to a wider audience during the 1970s. In 1995 The Times Literary
Small_Is_Beautiful
Economic model for sustainable development (created 2012)
and their common base. The mainstream economic models of the 20th century, defined here as those taught the most in Economics introductory courses around
Doughnut_(economic_model)
analysis are those associated with unit changes of resources and, in mainstream economics, those associated with infinitesimal changes. Marginal values associated
Marginal_value
Macroeconomic theory
Modern Monetary Theory or Modern Money Theory (MMT) is a non-mainstream macroeconomic theory concerning the role of fiscal and monetary policy in sovereign
Modern_Monetary_Theory
Field of economics focussing on entrepreneurial activities within an economy
Equilibrium models are central to mainstream economics, and exclude entrepreneurship. Coase believed that economics has become a "theory-driven" subject
Entrepreneurial_economics
2017 non-fiction book by economist Kate Raworth
empirical analysis. Rather than rejecting mainstream economics, he suggests building coalitions with real mainstream economists who share her views that markets
Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist
Doughnut_Economics:_Seven_Ways_to_Think_Like_a_21st-Century_Economist
Behavior of individuals and firms
the theory works well in situations meeting these assumptions. Mainstream economics does not assume a priori that markets are preferable to other forms
Microeconomics
1948 textbook by Samuelson and Nordhaus
17th edition (2001) and afterwards. Economics has been called a "canonical textbook", and the development of mainstream economic thought has been traced
Economics_(textbook)
Opinions or practices which vary from official positions
Heterodox economics refers to schools of economic thought considered outside of mainstream economics, referred to as orthodox economics, often represented
Heterodoxy
Application of economic theory and econometrics
studies Modern mainstream economics holds the view that there is a body of abstract economic theory — the "core" — and applied economics involves the practitioner
Applied_economics
2007 economics book by Ha-Joon Chang
economics written by Ha-Joon Chang, a South Korean institutional economist specializing in development economics. It criticizes mainstream economics of
Bad_Samaritans_(book)
Intervals of expansion and recession in economic activity
heterodox school has entered the mainstream in the form of Keynesian economics via the Keynesian revolution. Mainstream economics views business cycles as essentially
Business_cycle
Political movement criticizing neoclassical economics
among academics. Olivier Blanchard published a response defending mainstream economics. Other notable economists, such as Steve Keen and James K. Galbraith
Post-autistic_economics
Award established in 1968 by Sveriges Riksbank
Nobel limelight to attack mainstream economics. Millmow, Alex (2 May 2002). "An IgNobel Scandal". Post-Autistic Economics Review. Archived from the original
Nobel Memorial Prize in Economic Sciences
Nobel_Memorial_Prize_in_Economic_Sciences
Application of economic concepts to the study of the family
and feminist economics. Since the 1960s, family economics has developed within mainstream economics, propelled by the new home economics started by Gary
Family_economics
University, the power theory of economics is mostly based on a critique of both mainstream economics as well as heterodox economics theories of unemployment
Power_theory_of_economics
such as Mainstream economics, which puts focus on the aspects of technological evolution and market demand shifts, and Ecological economics, which emphasizes
Dematerialization_(economics)
Study of an economy as a whole
this basis, Austrian economists have objected to the core tools of mainstream economics, arguing that aggregate variables such as national output or general
Macroeconomics
fundamental assumption in classical economics and neoclassical economics which forms the basis of contemporary mainstream economics. That is, when neoclassical
Voluntary_exchange
risks, and by organizing production. Mainstream economics is a loose term used to refer to the non-heterodox economics taught in prominent universities.
Perspectives on capitalism by school of thought
Perspectives_on_capitalism_by_school_of_thought
Wealth measured by monetary value
capitalism, finance, and certain economic theories, but is little used in mainstream economics, which instead generally identifies wealth with paper wealth. The
Paper_wealth
Gender-aware branch of economics
ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession
Feminist_economics
Economics concept
of consumption and household production was marginalized by mainstream economics. Economics theory applied to households, however, can help to understand
Household_economics
Similarly, inflationist economists advocate for an inflationist policy. Mainstream economics holds that inflation is a necessary evil, and advocates a low, stable
Inflationism
American economist (1926–1995)
and libertarian economics. According to Reason, Rothbard advocated right-wing populism in part because he was frustrated that mainstream thinkers were not
Murray_Rothbard
Heterodox economics –schools of economic thought which are not commonly perceived as belonging to mainstream economics. Humanistic economics pattern of
Outline_of_economics
Essay by Karl Marx
Classical economics Neue Marx-Lektüre Chrematistics Criticism of capitalism Critique of work Economic anthropology Economics Mainstream economics Occam's
A Contribution to the Critique of Political Economy
A_Contribution_to_the_Critique_of_Political_Economy
British economist
his book Economics and Institutions: A Manifesto for a Modern Institutional Economics (1988), which criticises modern 'mainstream' economics and calls
Geoffrey_Hodgson
Economic system based on private ownership
possesses valid scientific dignity, and it is generally not discussed in mainstream economics, with economist Daron Acemoglu suggesting that the term "capitalism"
Capitalism
School of economic thought
in Chile in November 2015. Austrian school of economics Chicago plan Chicago Boys Mainstream economics Market monetarism Perspectives on capitalism by
Chicago_school_of_economics
Factors influencing economic decisions
the shortcomings that arise from a single-perspective approach. In mainstream economics, expected utility (EU) and the concept of rational agents are still
Behavioral_economics
Group of macroeconomic theories
neoclassical economics to produce what is generally termed the "neoclassical synthesis", yielding neo-Keynesian economics, which dominated mainstream macroeconomic
Keynesian_economics
School of macroeconomics
macroeconomics, and forms the theoretical basis of mainstream macroeconomics today. The first wave of New Keynesian economics developed in the late 1970s. The first
New_Keynesian_economics
Movement within an academic discipline
Austrian economics, stating that "each tradition of thought adds something unique and valuable to economic scholarship". Critics of mainstream economics have
Pluralism_in_economics
Economic theory
of interest since the 1980s, both in mainstream economics and in the heterodox school of post-Keynesian economics, and has subsequently been developed
Debt_deflation
Economics concept
religion and politics) with the assumption of rationality made by mainstream economics and game theory. The theory, along with its implications for democracy
Rational_irrationality
This glossary of economics is a list of definitions containing terms and concepts used in economics, its sub-disciplines, and related fields. Contents:
Glossary_of_economics
Constant capital and population size
steady-state as far as possible. This vision is opposed to mainstream neoclassical economics, where the economy is represented by an isolated and circular
Steady-state_economy
School of thought in macroeconomics
synthesis provides the theoretical foundation for much of contemporary mainstream economics. The new classical perspective takes root in three diagnostic sources
New_classical_macroeconomics
American economist and statistician (1912–2006)
permanent income hypothesis, a theory which would later become part of mainstream economics and he was among the first to propagate the theory of consumption
Milton_Friedman
American academic (1944–2025)
978-0-19-514408-6. Nadeau, Robert L. (2003). The Wealth of Nature: How Mainstream Economics Has Failed the Environment. New York: Columbia University Press.
Robert Nadeau (science historian)
Robert_Nadeau_(science_historian)
Postwar academic movement in economics
dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 60s, and 70s. The Keynesian school of economics had
Neoclassical_synthesis
Maxim in economics
Keynes's rejection of Say's law has on the whole been accepted within mainstream economics since the 1940s and 1950s in the neoclassical synthesis, but debate
Supply_creates_its_own_demand
Economics that focuses on institutions
institutionalism into more recent developments in mainstream economics, under the title new institutional economics. Critics of institutionalism have maintained
Institutional_economics
Concept in economics
In mainstream economics, economic surplus, also known as total welfare or total social welfare or Marshallian surplus (after Alfred Marshall), is either
Economic_surplus
American economist
and finding connections between the study of entrepreneurship and mainstream economics. In 2011, he was the recipient of the Global Award for Entrepreneurship
Steven_Klepper
School of thought in monetary economics
business fluctuations in a series of papers from 1945.p. 493 Within mainstream economics, the rise of monetarism started with Milton Friedman's 1956 restatement
Monetarism
Financial plan where revenues equal expenses
private sector. Mainstream economics mainly advocates a cyclic balanced budget, arguing from the perspective of Keynesian economics that permitting the
Balanced_budget
Economic theory
two differ in theoretical concepts, innovation economics can find fertile ground in mainstream economics, rather than remain in diametric contention. Empirical
Innovation_economics
Concept in economics
considerably". Despite this, the term subsequently gained popularity within mainstream economics as a description of processes such as downsizing to increase the
Creative_destruction
Specialist encyclopedia
for slighting mainstream economics by giving excessive space to the "dissenting fringes within academic economics", namely Marxist economics as well as "Austrian
The New Palgrave Dictionary of Economics
The_New_Palgrave_Dictionary_of_Economics
thought, such as mainstream economics, Austrian economics, Marxian economics, the Chicago school of economics, and Keynesian economics. Economic history
Economic_history
subject of economics development. The analysis method based on marginal utility and marginal productivity in modern mainstream economics textbooks is
Inframarginal_analysis
Permanent downward shift on the demand curve of a commodity
Agency), rather than any measure of a demand curve as used in mainstream economics. In economics, demand destruction refers to a permanent or sustained decline
Demand_destruction
Economics concept
property rights in the process of economic development, and modern mainstream economics agree with such a recognition. Locke supposed that one's labour was
Property_rights_(economics)
Austrian–American political economist (1881–1973)
by mainstream economics. Ludwig von Mises acknowledged that, by the time of his writing, many core concepts from the Austrian school of economics had
Ludwig_von_Mises
1953 book by Milton Friedman
claim and representation were by the late 1980s widely deployed in mainstream economics, even if methodological judgments, like other regulative judgments
Essays_in_Positive_Economics
Economist, philosopher and historian (1886–1964)
version of economics, which emphasizes the way economies are embedded in society and culture. This opinion is counter to mainstream economics but is popular
Karl_Polanyi
American macroeconomist (1930–2024)
countries' debt) from a position critical of mainstream economics. Davidson did not originally choose economics as a profession. His primary training was
Paul_Davidson_(economist)
Trilemma in international economics
during the Bretton Woods era when capital controls were accepted in mainstream economics. Rodrik also argues that the expansion of financial globalization
Impossible_trinity
1930s programs of U.S. president Franklin D. Roosevelt
by Wall Street and local investors and most of the business community—mainstream academic economists believed in it as apparently did the majority of the
New_Deal
Economic stagnation from inadequate consumer demand
economics in the form of Ricardian economics. The economists did not form a unified school, and their theories were rejected by mainstream economics of
Underconsumption
Fusion of macroeconomic schools of thought
neoclassical economics with Keynesian macroeconomics. The new synthesis provides the theoretical foundation for much of contemporary mainstream macroeconomics
New_neoclassical_synthesis
Family of macroeconomic models
dynamic stochastic general equilibrium models, which are used in mainstream economics. The ideas for an accounting approach to macroeconomics go back to
Stock-flow_consistent_model
Ecological economist
This approach he terms social ecological economics. Spash has developed extensive critiques of mainstream economic approaches to the environment. These
Clive_Spash
Using money to obtain an item for use
economics and is also studied in many other social sciences. Different schools of economists define consumption differently. According to mainstream economists
Consumption_(economics)
Statistical measure of change
In economics, statistics, and finance, an index is a number that measures how a group of related data points—like prices, company performance, productivity
Index_(economics)
Macroeconomic theory
meaningful difference between supply-side economics and mainstream economics. ... Today, supply-side economics has become associated with an obsession for
Supply-side_economics
Benefit derived from consuming a product
In mainstream economics, marginal utility refers to the change in utility (pleasure or satisfaction resulting from the consumption) of one unit of a good
Marginal_utility
American economist (born 1968)
Banerjee acknowledge List's role in bringing field experiments into mainstream economics when writing: "John List's early work in the field, such as his experiments
John_A._List
Study of the markets for wage labour
Labour economics is the subfield of economics concerned with the study of labour as an input to economic production. Broadly, it surveys labor markets
Labour_economics
Jamaican-American economist (born 1938)
University as professor of economics. Harris's 1978 book Capital Accumulation and Income Distribution critiques mainstream economic theories, using mathematical
Donald_J._Harris
Relationship between employee and employer
relations. As a result, there are four common models of employment: Mainstream economics: employment is seen as a mutually advantageous transaction in a free
Employment
Derogatory name for economics
"The dismal science" is a derogatory name for the science of economics, coined by Scottish essayist Thomas Carlyle in 1849. It contrasts with "the gay
The_dismal_science
Theory of economics
event of loss. Binary economics is foundationally distinct from mainstream economics and has been widely rejected by mainstream economists. Milton Friedman
Binary_economics
Signal to increase or decrease quantity supplied or quantity demanded
produce it and what resources to use in its production. In mainstream (neoclassical) economics, under perfect competition relative prices signal to producers
Price_signal
Activity for which payment is due
marketing Universal basic services McConnell, Campbell R.; et al. (2009). Economics. Principles, Problems and Policies (PDF) (18th ed.). New York: McGraw-Hill
Service_(economics)
Decrease in the general price level
classes, under a fiat monetary system with low productivity growth. In mainstream economics, deflation may be caused by a combination of the supply and demand
Deflation
Temporary spike in asset prices
it is debated how harmful their formation and bursting is. Within mainstream economics, many[who?] believe that bubbles cannot be identified in advance
Economic_bubble
Study of economics facts and values
philosophy of economics, economics is often divided into positive (or descriptive) and normative (or prescriptive) economics. Positive economics focuses on
Positive and normative economics
Positive_and_normative_economics
Study of the development of social production
term "economics" gradually displaced "political economy" as the mainstream name of the discipline, especially after Marshall's Principles of Economics in
Political_economy
American author and lecturer (1953–2019)
(By ignoring the thermodynamic foundation of economic activity, mainstream economics maintains what Nicholas Georgescu-Roegen called its "no deposit,
Eric_Zencey
System in which parties engage in transactions according to supply and demand
In economics, a market is any structure that allows buyers and sellers to exchange goods, services and information. The exchange of goods or services
Market_(economics)
Economic theory and proposal by Silvio Gesell
Freiwirtschaft claims that current monetary systems are flawed. In mainstream economics, prices convey information. For example, dropping a product's price
Freiwirtschaft
Proportion of worth at which a commodity can be traded for other commodities
In political economy and especially Marxian economics, exchange value (German: Tauschwert) refers to one of the four major attributes of a commodity,
Exchange_value
Theory of human action
Mayer, Thomas (Winter 1998). "Boettke's Austrian critique of mainstream economics: An empiricist's response" (PDF). Critical Review. 12 (1–2): 151–171
Praxeology
Study of mathematical models in finance
that can be meaningfully extracted from data. Both heterodox and mainstream economics retain the view that causality remains relevant as a formalism and
Epistemology_of_finance
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MAINSTREAM ECONOMICS
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MAINSTREAM ECONOMICS
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MAINSTREAM ECONOMICS
n.
See Economics.
n.
Political economy; the science of the utilities or the useful application of wealth or material resources. See Political economy, under Political.
n.
The science of household affairs, or of domestic management.
n.
One who is conversant with political economy; a student of economics.
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