What are the different schools of economics?

What are the different schools of economics?


There are really no different "schools of competing mainstream economic thought.” Honestly. None.If you have a look at the syllabus of any economics undergraduate or graduate level program in ANY university of ANY country (okay, maybe not North Korea, Cuba, etc) you will find they largely teach the same subjects, tools, and techniques. There is complete convergence, really.Many people at this point will say, "oh, how about Keynes and Hayek then?" and the answer to that is "what about them? " No modern economics textbook teaches Keynes theory in any shape or form that Keynes will recognize today. Sure, his was an outstandingly brilliant mind and lot of his ideas have been absorbed, extended, and improved into economic theories and principles (but not into one school or another). And about Hayek, he wasn't even working as an economist most of his life. His ideas were great political economic thoughts and they too have been absorbed. Even Keynes liked many of his ideas (Prophets for today). No one reads Keynes or Hayek in economics courses unless you are studying the history of economic thoughts or political economy. There are some economists now like professor Krugman who are somewhat shrill and strident in their views. But those are really political views, not his economics work. If you read his academic papers, there is hardly anything controversial. Great stuff there, but hardly controversial. So believe it or not, this is not like homeopathy vs. holistic vs. naturopathy. There is just one economics that students learn.

Answered by nytakoe

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