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Additional
schools of economic thought
English Wikipedia - The Free Encyclopedia
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Schools of economic thought
In the
history of economic thought
, a
school of economic thought
is a group of
economic
thinkers who share or shared a common perspective on the way
economies
work. While
economists
do not always fit into particular schools, particularly in modern times, classifying economists into
schools of thought
is common. Economic thought may be roughly divided into three phases: premodern (
Greco-Roman
,
Indian
,
Persian
,
Islamic
, and
Imperial Chinese
), early modern (
mercantilist
,
physiocrats
) and modern (beginning with
Adam Smith
and
classical economics
in the late 18th century). Systematic economic theory has been developed mainly since the beginning of what is termed the
modern era
.
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