Editing Economics (section)

=== Other schools and approaches ===
{{Main|Schools of economic thought}}

Other schools or trends of thought referring to a particular style of economics practised at and disseminated from well-defined groups of academicians that have become known worldwide, include the [[Freiburg School]], the [[School of Lausanne]], the [[Stockholm school (economics)|Stockholm school]] and the [[Chicago school of economics]]. During the 1970s and 1980s [[mainstream economics]] was sometimes separated into the [[Saltwater and freshwater economics|Saltwater approach]] of those universities along the [[East Coast of the United States|Eastern]] and [[West coast of the United States|Western]] coasts of the US, and the Freshwater, or [[Chicago school (economics)|Chicago school]] approach.<ref name=gordonessays>{{Citation | last = Gordon | first = Robert J. | author-link = Robert J. Gordon | title = Productivity Growth, Inflation, and Unemployment | publisher = [[Cambridge University Press]] | year = 2003 | pages = 226–227 | url = https://books.google.com/books?id=VXINsDT1sFwC |isbn = 978-0-521-53142-9}}</ref>

Within macroeconomics there is, in general order of their historical appearance in the literature; [[classical economics]], [[neoclassical economics]], [[Keynesian economics]], the [[neoclassical synthesis]], [[monetarism]], [[new classical economics]], [[New Keynesian economics]]<ref>{{Cite book |last=Gali |first=Jordi |date=2015 |title=Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework and Its Applications |url=https://books.google.com/books?id=5GuYDwAAQBAJ&pg=PA5 |edition=2nd |publisher=Princeton University Press |isbn=978-0-691-16478-6 |pages=5–6}}</ref> and the [[new neoclassical synthesis]].<ref>{{cite web |last=Woodford |first=Michael |title=Convergence in Macroeconomics: Elements of the New Synthesis |work=The New Consensus |date=January 2008 |url=http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf |access-date=31 August 2021 |url-status=live|archive-url=https://web.archive.org/web/20081221064431/http://www.columbia.edu:80/~mw2230/Convergence_AEJ.pdf |archive-date=21 December 2008 }}</ref>

Beside the [[mainstream economics|mainstream]] development of economic thought, various alternative or [[Heterodox economics|heterodox economic theories]] have evolved over time, positioning themselves in contrast to mainstream theory.<ref name=Lee>{{cite journal |last1=Lee |first1=Frederic S. |title=Heterodox Economics |journal=The New Palgrave Dictionary of Economics |date=2008 |pages=1–7 |doi=10.1057/978-1-349-95121-5_2487-1|isbn=978-1-349-95121-5 }}</ref> These include:<ref name=Lee/>
* [[Austrian School]], emphasizing [[human action]], [[property rights]] and the freedom to contract and transact to have a thriving and successful economy.<ref>{{cite web |title=WHAT IS AUSTRIAN ECONOMICS? |date=16 May 2014 |url=https://mises.org/what-austrian-economics |access-date=February 13, 2022 |archive-date=23 October 2020 |archive-url=https://web.archive.org/web/20201023162020/https://mises.org/what-austrian-economics |url-status=live }}</ref> It also emphasises that the state should play as small role as possible (if any role) in the regulation of economic activity between two transacting parties.<ref>{{cite web|title=The Austrian Theory of Efficiency and the Role of Government|url=https://mises.org/library/austrian-theory-efficiency-and-role-government-0|date=November 9, 2019|access-date=14 February 2022|archive-date=14 February 2022|archive-url=https://web.archive.org/web/20220214010751/https://mises.org/library/austrian-theory-efficiency-and-role-government-0|url-status=live}}</ref> [[Friedrich Hayek]] and [[Ludwig von Mises]] are the two most prominent representatives of the Austrian school.
* [[Post-Keynesian economics]] concentrates on macroeconomic rigidities and adjustment processes. It is generally associated with the [[University of Cambridge]] and the work of [[Joan Robinson]].<ref>{{cite encyclopedia |last=Harcourt |first=G.C. |date=1987 |title=The New Palgrave: A Dictionary of Economics |edition= |editor-first1=John |editor-last1=Eatwell |editor-first2=Murray |editor-last2=Milgate |editor-first3=Peter |editor-last3=Newman |volume=III |pages=47–50 |chapter-url=http://www.dictionaryofeconomics.com/article?id=pde1987_X001728 |doi=10.1057/9780230226203.3307 |isbn=978-0-333-78676-5 |chapter=Post-Keynesian economics |publisher=Palgrave Macmillan UK |url=http://www.e-elgar.com/shop/isbn/9781852788018 |access-date=13 February 2020 |archive-date=12 April 2020 |archive-url=https://web.archive.org/web/20200412222941/https://www.e-elgar.com/shop/gbp/post-keynesian-economics-9781852788018.html |url-status=live |url-access=subscription }}</ref>
* [[Ecological economics]] like [[environmental economics]] studies the interactions between human economies and the ecosystems in which they are embedded,<ref>{{cite journal |last1=Xepapadeas |first1=Anastasios |title=Ecological Economics |journal=The New Palgrave Dictionary of Economics |date=2008 |pages=1–8 |doi=10.1057/978-1-349-95121-5_2141-1|isbn=978-1-349-95121-5 }}</ref> but in contrast to environmental economics takes an oppositional position towards general mainstream economic principles. A major difference between the two subdisciplines is their assumptions about the [[Substitute good|substitution possibilities]] between human-made and [[natural capital]].<ref>{{cite web |last1=Berlin |first1=D. I. W. |title=DIW Berlin: A Matter of Opinion : How Ecological and Neoclassical Environmental Economists Think about Sustainability and Economics |url=https://www.diw.de/sixcms/detail.php?id=diw_01.c.450284.de |website=www.diw.de |access-date=29 October 2023 |language=de |date=2006}}</ref>

Additionally, alternative developments include [[Marxian economics]], [[constitutional economics]], [[institutional economics]], [[evolutionary economics]], [[dependency theory]], [[structuralist economics]], [[world systems theory]], [[econophysics]], [[econodynamics]], [[feminist economics]] and [[biophysical economics]].<ref>{{cite news |first=Nathanial |last=Greenwolde |date=23 October 2009 |title=New School of Thought Brings Energy to 'the Dismal Science' |work=[[The New York Times]] |url=https://www.nytimes.com/gwire/2009/10/23/23greenwire-new-school-of-thought-brings-energy-to-the-dis-63367.html |access-date=24 February 2017 |archive-date=29 November 2016 |archive-url=https://web.archive.org/web/20161129124417/http://www.nytimes.com/gwire/2009/10/23/23greenwire-new-school-of-thought-brings-energy-to-the-dis-63367.html |url-status=live }}</ref>

[[Feminist economics]] emphasises the role that gender plays in economies, challenging analyses that render gender invisible or support gender-oppressive economic systems.<ref>{{Cite book |chapter=Feminist Economics |author= Julie A. Nelson |title= The New Palgrave Dictionary of Economics |chapter-url= https://link.springer.com/referenceworkentry/10.1057/978-1-349-95121-5_2210-1 |date=2016-01-01|pages= 1–6 |doi= 10.1057/978-1-349-95121-5_2210-1 |isbn= 978-1-349-95121-5 |access-date=2023-12-07 }}</ref> The goal is to create economic research and policy analysis that is inclusive and gender-aware to encourage gender equality and improve the well-being of marginalised groups.