Saturday, October 1, 2011

Austrian School Wins Poll

I asked my readers this question:  "Which 'School' of Economics is Closest to You?"  These were the results:

1.  Austrian (41%)

The Austrian School was founded by a generation of economists that were influenced by Carl Menger, who taught at the University of Vienna.  Notable This generation included Friedrich von Wieser and Eugen von Böhm-Bawerk.  It was Wieser that succeeded Menger at Vienna and taught the next generation which included Friedrich Hayek (left), Ludwig von Mises, and Joseph Schumpeter.  The school is still active with economists such as Peter Boettke and Israel Kirzner.

2.  Neo-Keynesian (24%)

John Maynard Keynes (left) launched this school of thought when he revolutionized the field with his groundbreaking work, The General Theory of Employment, Interest and Money.  This work had a lasting influence on other important economists such as Joan Robinson, James Tobin, and perhaps most importantly on Paul Samuelson who did much to add mathematics to the logical principles set forth by Keynes.  This school is probably best described today as New Keynesian and it includes most of the information economists such as George Akerlof and Joseph Stiglitz.  His greatest champion today is likely Paul Krugman.

3.  (other) (17%)

There are many schools that I could not mention such as Neo-Ricardian, Classical, Supply-Side, and others.  Individuals also often refuse to be categorized.

4.  New Institutional (12%)

Institutional economics also dates back to the 1930's when Ronald Coase wrote his essay, "The Theory of the Firm."  This school focuses on  laws that govern behavior and shape social norms as the primary causes of economic realities.  The term New Institutional started in the 1970's when Armen Alchian and Harold Dempsetz completely redrew mainstream economic understanding of the firm in their essay, "Production, Information Costs, and Economic Organization."  Contemporary participants in this school include Elinor Ostrom (left) and Daron Acemoğlu.

5.  Monetarist (6%)

This term is, for the most part, interchangable with the "Chicago" school of economics, which is perhaps the name that it is better known by.  This school was started at the University of Chicago by Frank Knight who invigorated the program there.  Milton Friedman (left) is the economist that is most associated with it.  It possibly has more Nobel laureates than any other school of economic thought; including Friedman, Robert Lucas, Gary Becker, George Stiglitz, Theodore Schultz, James Buchanan, and others.

6.  Marxist (0%)

Karl Marx (left) created the Marxism along with Friedrich Engels in the 19th century.  There have been many individuals including Sydney & Beatrix Webb that were influenced by Marx & Engels.  Marxism has many variations including socialism, communism and combinations with other schools economics to create distinctly Marxist variations.  Much of this has fallen out of favor as most governments that have tried to implement policies that Marx advocated in Kapital have not proven to work very well or at all.

Please vote in the new poll, "Who Should Win the Nobel Prize in Economics?"

No comments:

Post a Comment