Fresh-up Economics
Erasmus+ Strategic Partnership
2019-2021
Economic Schools of Thought: Labour Perspectives
By Team —
What are the different schools of economic thought?
Schools of economic thought, or simply economic schools, are groups of ideas that indicate how the economy works or it is supposed to work. The different schools (we are not talking about schools in the sense of colleges, institutes or universities but as lines of approach) have usually been named after the most prominent ideologist(s) that shaped its foundations and have later on added both supporters and detractors.
Since the origin of economics, many different kinds of economic schools have arisen. Undoubtedly, economic schools are continually changing and evolving. However, the main economic schools are commonly listed as: Mercantilist school, Physiocracy, Classical school, Neoclassical school, Marxism, Austrian school, Keynesianism, Monetarism, Institutional Economics, Neoliberalism.
In addition to these economic schools, there are many others of smaller size in terms of supporters and reach. At the same time, some schools have had offspring. Parallel schools have been developed on the foundations of previous ones with variations in some aspects, as Marxism builds on the Classical School as we shall see.
