History of Economic Thought Since 1870 Outline

1
History of Economic Thought Since 1870(Outline)

• Up until 1870 the ruling system of economic
  thought was Classical Economics
• Challenges to Classical economics came from
• Internal weaknesses
• German Historicism
• Marxism
• Romanticism
• New issues and problems
• 1870-1890 a period of transition from Classical
  economics to what became Neoclassical economics

2
History of Economic Thought Since 1870(Outline)

• This transition is called the Marginal
  Revolution
• 1st Stage was the development of Marginal Utility
  theory and theories of demand and exchange
• 2nd Stage was development of Marginal
  Productivity theory and theories of production
  and distribution
• Marshalls Neoclassical Synthesis--1890

3
History of Economic Thought Since 1870(Outline)

• Criticisms of Neoclassicism became prevalent in
  the 1920sInstitutionalism
• 1930s Many Developments in Neoclassical Theory
• Keynesian Revolution and counter-revolution
  1936-1960
• More recent developmentsnew tools and expanding
  subject areas