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:
“Absolute catholicity of taste is not without its dangers. It is only an auctioneer who should admire all schools of art.”
—Oscar Wilde (1854–1900)
“If the women of the United States, with their free schools and all their enlarged liberties, are not superior to women brought up under monarchical forms of government, then there is no good in liberty.”
—Anna Howard Shaw (1847–1919)