History of economic thoughtThe history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day in the 21st century. This field encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands.
Schools of economic thoughtIn 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, and Karl Marx and Friedrich Engels' Marxian economics in the mid 19th century).
Positive economicsPositive economics (as opposed to normative economics) is the part of economics that deals with positive statements. Positive economics, was originated from positivism and got introduced to economics by John Stuart Mill in his book "Auguste Comte and Positivism" in 1860's. Then, it was developed by John Neville Keynes in the 1890's and it became popular economical thought by elaborations of Lionel Robbins in the 1930's. Positive economics focuses on the description, quantification and explanation of economic phenomena.
An Essay on the Nature and Significance of Economic ScienceLionel Robbins' Essay (1932, 1935, 2nd ed., 158 pp.) sought to define more precisely economics as a science and to derive substantive implications. Analysis is relative to "accepted solutions of particular problems" based on best modern practice as referenced, especially including the works of Philip Wicksteed, Ludwig von Mises, and other Continental European economists. Robbins disclaims originality but expresses hope to have given expository force on a very few points to some principles "not always clearly stated" (1935, pp.
Economic justiceEconomic justice intersects with economic prosperity as if all members of society can earn wages then they are contributing to the economic growth. These wages are then turned into the buying of goods which works to drive the economy, but it only works if everyone can "provide for themselves and maintain discretionary income." Justice in economics is a subcategory of social justice and welfare economics. It is a "set of moral and ethical principles for building economic institutions".
Feminist economicsFeminist economics is the critical study of economics and economies, with a focus on gender-aware and inclusive economic inquiry and policy analysis. Feminist economic researchers include academics, activists, policy theorists, and practitioners. Much feminist economic research focuses on topics that have been neglected in the field, such as care work, intimate partner violence, or on economic theories which could be improved through better incorporation of gendered effects and interactions, such as between paid and unpaid sectors of economies.
Social choice theorySocial choice theory or social choice is a theoretical framework for analysis of combining individual opinions, preferences, interests, or welfares to reach a collective decision or social welfare in some sense. Whereas choice theory is concerned with individuals making choices based on their preferences, social choice theory is concerned with how to translate the preferences of individuals into the preferences of a group. A non-theoretical example of a collective decision is enacting a law or set of laws under a constitution.
Behavioral economicsBehavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion.
