Other Schools of Economic Thought

The study of economics has several schools of thought. This section describes some of those schools as a comparison with the Austrian methodology advocated here.

People divide the study of economics into different "Schools of Thought." The ideas advocated by these many schools vary from reasonable to absurd. They can all, however, contributed something to the study of economics and markets. Even examining unreasonable, yet popular ideas, can help to clarify a person's thinking.

For the record, I generally subscribe to the principles and theories advocated by the Austrian School. After studying the points of view of the most popular concepts in economics, I have found that those espoused by the prominent "Austrian" thinker have the greatest level of logical consistency.

I will address many of these concepts throughout this website, but in this section I will briefly describe the distinctions between the more popular "schools."

Classical School

The school of thought most closely associated with Adam Smith.

Monetary School

The school advocating the importance of the quantity of money in economic activity.

Keynesian School

The popular form of economics study that advocates considerable intervention by government.