Friday, November 22, 2013

Econ Evolution Diagram

Here's a diagram to go with my previous post on selected highlights of recent economic history:

        Diagram: Evolution of Selected Economic Schools

Thanks for the comments and feedback on the previous post.  Obviously, this is not meant to be comprehensive or scientific.  Rather it's meant to show influences on MMT and the relationships among the various schools of economic thought that we most often discuss around here.  Any feedback or suggestions in that regard will be most welcome...

11 comments:

Tom Hickey said...

Good one, Dan. I would include institutional economics (institutionalism) as one of the major influences on MMT along with PKE.

Detroit Dan said...

Thanks Tom. I'll look into that...

Senexx Arturo said...

Schumpeter -> Minsky -> Wray

Schumpeter = Austrian

Detroit Dan said...

Thank you Senexx Arturo!

Detroit Dan said...

What did Minsky and Wray get from Schumpeter?

Tom Hickey said...

Schumpeter was Austrian in the sense that he came from Vienna and was educated there. He did not identify with any school and worked out of a Walrasian GE framework in developing his entrepreneurial theory.

Was Schumpeter an Austrian?

Minsky ditched the Walrasian GE. Some count Minsky as PKE, others don't. Like Schumpeter, he never self-indentified with a school to my knowledge. Some view him as more conventional than PKE.

I would just leave it at Schumpeter > Minsky > Wray without mentioning a school.

Tom Hickey said...

Financing Innovation: an Application of a Keynes-Schumpeter-Minsky Synthesis Financing Innovation: an Application of a Keynes-Schumpeter-Minsky Synthesis

An INET grant that Randy and Mariana Mazzucato are working on.

Senexx said...

Thanks I didn't know that.

Roger Erickson said...

Dan,
Seriously, ya gotta include all the hats these folks wore. :) Plus the feathers on or in them.

Roger Erickson said...

ps: In parallel, could you diagram what these folks have sentenced us to? In plain English of course, for grammarians.

Roger Erickson said...

then there's this, from our pals at Annenberg gangster foundation

http://www.annenbergclassroom.org/search.aspx?cx=000672474746801930868:qnwk7z_onwo&cof=FORID:9&filter=0&q=economics&AspxAutoDetectCookieSupport=1