My Professor is a huge post-keynesian. Im an economics minor and I am currently in a class called Economic School of Thought. We are covering Classical, Neoclassical, Marginalism, and Keynesian. My professor although extremely biased, is still very intelligent and credible. He tries not to get political and fails terribly every class.. I was just wondering the differences between Marginalism, Neoclassical, and the Austrian School. When he talks about Marginalism and Austrians he relates them all to NeoClassical. If somebody can help me understand the fundamental differences, that would be great.
I don't even know these econometric classifications and I graduated Magnum Cumdae in Economics from the finest institution in the land and is a billionaire hedge funder. Your professor maybe making up shit to confuse you.
1) Michigan State alums, unite! 2) People who score in the 200th percentile on standardized math tests and in the 60th percentile on verbal, unite!
It gets complicated on the conservative side of things.. Marginalism is used in Neoclassical. Austrians reject a lot of Neoclassical beliefs. Carl Menger, creator of the Austrian School was a Marginalist. Fundamental differences please? Thomas Sowell - Chicago School (Neoclassical) Milton Friedman - Chicago School (Monetarist) Carl Menger- Austrian School (Marginalist) Walras - (Marginalist) Peter Schiff, Ludwig Von Mises, Rothbard, Hayek, Ron Paul - (Austrian School) Joseph Schumpeter - (Historical School)