More Thoughts on Categorizing Economic Schools
The School's...
View of the scope of Economics: science
of human action, science of objective wealth, science of scarcity and
allocation, etc.
Method of formalism: verbal logic,
mathematical logic, acceptance of ambiguity and lack of formalism
Basic assumptions about rationality: perfect
rationality, bounded rationality, reasonable rather than rational, irrational
(driven by animal spirits)
Use of time: comparative statics
(extremely limited use of time), equilibrium (out of time), real time
(Bergsonian time)