Other Schools
General equilibrium theory is a central point of contention and influence between the neoclassical school and other schools of economic thought, and different schools have varied views on general equilibrium theory. Some, such as the Keynesian and Post-Keynesian schools, strongly reject general equilibrium theory as "misleading" and "useless"; others, such as the Austrian school, show more influence and acceptance of general equilibrium thinking, though the extent is debated. Other schools, such as new classical macroeconomics, developed from general equilibrium theory.
Read more about this topic: General Equilibrium Theory
Famous quotes containing the word schools:
“The shrewd guess, the fertile hypothesis, the courageous leap to a tentative conclusion—these are the most valuable coin of the thinker at work. But in most schools guessing is heavily penalized and is associated somehow with laziness.”
—Jerome S. Bruner (b. 1915)
“It is too late in the century for women who have received the benefits of co-education in schools and colleges, and who bear their full share in the world’s work, not to care who make the laws, who expound and who administer them.”
—J. Ellen Foster (1840–1910)