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Review of Contending Perspective in Economics: A Guide to Contemporary Schools of Thought by John T. Harvey

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03/22/2016Mark Thornton

Quarterly Journal of Austrian Economics 18, no. 4 (Winter 2015): 572–577

It is a shame that most economic students, whether at the undergraduate or graduate student level, are exposed to precious little about the different schools of economic thought. Most course work is based on the “Neoclassical synthesis” with mathematical models and econometric testing being the ultimate goal.

This situation could be the simple result of competition. Some economists argue that the status quo is the result of a competition between economists in the publication market, where economists compete for journal page space and citations to their publications. Neoclassical economics won that competition and absorbed everything of value from the other schools and it only makes sense to concentrate the student’s time on the winner. In fact, most Neoclassical economists would argue that there is little in the manner of a fixed doctrine or dogma in the Neoclassical school. Just about everything is subject to questioning, change or evolution.

Cite This Article

Thornton, Mark, "Review of Contending Perspective in Economics: A Guide to Contemporary Schools of Thought by John T. Harvey, Quarterly Journal of Austrian Economics 18, no. 4 (Winter 2015): 572–577.

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