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:
“To me, nothing can be more important than giving children books, It’s better to be giving books to children than drug treatment to them when they’re 15 years old. Did it ever occur to anyone that if you put nice libraries in public schools you wouldn’t have to put them in prisons?”
—Fran Lebowitz (20th century)
“If Jesus, or his likeness, should now visit the earth, what church of the many which now go by his name would he enter? Or, if tempted by curiosity, he should incline to look into all, which do you think would not shut the door in his face?... It seems to me ... that as one who loved peace, taught industry, equality, union, and love, one towards another, Jesus were he alive at this day, would recommend you to come out of your churches of faith, and to gather into schools of knowledge.”
—Frances Wright (1795–1852)