Essay: Neoclassical school of economics

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Neoclassical school of economics

Neoclassical school of economics had several stages with quite significant characteristics; the main steady factor being that it has all through held an influential, unique, and distinct position in the kingdom of economics ever since. At present, under the umbrella of Chicago school, several other schools of Economics have been discussed for example the Monetarism in the 1960s, New Classical in 1970s, and recently, New-Economic History, Law and Economics and New Institutionalism.

In the 1940s, the Department of Economics underwent turmoil; Schultz died, Viner went to Princeton, Lange became a politician in Poland while Douglas became a senator handing the sovereignty of this Economics Department to Mints, Director, and Simons. This gave the Department a new blood injection as it tried to recover.

During the 1960s, the Economics Department started to coagulate into a fresh form, led by Milton Friedman and George J. Stigler bringing about the 2nd Chicago School of thought which is possibly the most polemical and famous one. This period was portrayed by faithfulness to neoclassical thoughts and remained quiet against the market failure concepts.

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