Everything about Mainstream Economics totally explained
Mainstream economics refers to the various schools of economics predominantly taught in prominent universitiesis and is used to distinguish certain approaches and schools of thought in
economics from
heterodox approaches and schools such as the
Austrian School,
feminist economics and
Marxian economics. Mainstream economists do not, in general, identify themselves as members of a particular school; they may, however, be associated with approaches within a field such as the
rational-expectations approach to
macroeconomics.
The term generally refers to
neo-classical economics (including the
Washington Consensus) but also can refer to
Keynesian economics,
monetarism or the
Chicago School.
The term came into common use in the late 20th century. It appears in the influential textbook by Samuelson and Nordhaus, on the inside back cover in the "Family Tree of Economics," which depicts arrows into it from
J.M. Keynes (1936) and
neoclassical economics (1860-1910). An earlier and narrower term first appearing in Samuelson's
textbook (1955), is
neoclassical synthesis (of
neoclassical economics and
Keynesian macroeconomics).
Mainstream economics includes theories of
market and
government failure and private and
public goods. These developments suggest a range of views on the desirability or otherwise of government intervention.
Mainstream economics may employ
axioms or
postulates in stating a theory. Testing the theoretical and empirical implications of those postulates is a standard method of mainstream economics.
Some fields may be described as being partly within mainstream economics, partly within
heterodox economics. Some of them are
Austrian economics,
institutional economics,
neuroeconomics and non-linear
complexity theory.
They may use neoclassical economics as a point of departure. Yet, recent research suggests that "neoclassical economics no longer dominates a mainstream economics."
A countervailing trend is the expansion of mainstream methods to such seemingly distant fields as crime
the
family,
law,
politics, and religion.
The latter phenomenon is sometimes referred to as
economic imperialism.
Further Information
Get more info on 'Mainstream Economics'.
|
External Link Exchanges
Do you know how hard it is to get a link from a large encyclopaedia? Well we're different and will prove it. To get a link from us just add the following HTML to your site on a relevant page:
<a href="http://mainstream_economics.totallyexplained.com">Mainstream economics Totally Explained</a>
Then simply click through this link from your web page. Our crawlers will verify your link, extract the title of your web page and instantly add a link back to it. If you like you can remove the words Totally Explained and embed the link in article text.
As long as your link remains in place, we'll keep our link to you right here. Please play fair - our crawlers are watching. Your site must be closely related to this one's topic. Any kind of spamming, dubious practises or removing the link will result in your link from us being dropped and, potentially, your whole site being banned. |
