9 Schools Of Economics Explained On A One-Page Cheat Sheet
From the man who bought you "the shortest economic textbook in the world"; and "13 things Economists won't tell you", here is Ha-Joon Chang's ultimate pocket guide to the differences (and similarities) between all the economic schools of thought.
Despite what the experts want you to believe, there is more than one way of ‘doing’ economics.
People have been led to believe that, like physics or chemistry, economics is a ‘science’, in which there is only one correct answer to everything; thus non-experts should simply accept the ‘professional consensus’ and stop thinking about it.
Contrary to what most economists would have you believe, there isn’t just one kind of economics – Neoclassical economics. In fact there are no less than nine different kinds, or schools, as they are often known. And none of these schools can claim superiority over others and still less monopoly over truth.
I accept that being suddenly asked to taste nine different flavours of ice cream when you had thought that there was only one plain vanilla can be quite overwhelming. In order to help, the simple table below should help you overcome your initial fear.
From the man who bought you "the shortest economic textbook in the world"; and "13 things Economists won't tell you", here is Ha-Joon Chang's ultimate pocket guide to the differences (and similarities) between all the economic schools of thought.
Despite what the experts want you to believe, there is more than one way of ‘doing’ economics.
People have been led to believe that, like physics or chemistry, economics is a ‘science’, in which there is only one correct answer to everything; thus non-experts should simply accept the ‘professional consensus’ and stop thinking about it.
Contrary to what most economists would have you believe, there isn’t just one kind of economics – Neoclassical economics. In fact there are no less than nine different kinds, or schools, as they are often known. And none of these schools can claim superiority over others and still less monopoly over truth.
I accept that being suddenly asked to taste nine different flavours of ice cream when you had thought that there was only one plain vanilla can be quite overwhelming. In order to help, the simple table below should help you overcome your initial fear.
