Huerta de Soto Fritz Machlup Stockholm School The Stockholm School is a school of economic thought. It refers to a loosely organized group of Swedish economists that worked together, in Stockholm, Sweden primarily in the 1930s. The Stockholm School had—like John Maynard Keynes—come to the same conclusions in macroeconomics and the theories of demand and supply. Like Keynes, they were inspired by the works of Knut Wicksell, a Swedish economist active in the early years of the twentieth century. Gunnar Myrdal Bertil Ohlin Keynesian economics Keynesian economics has developed from the work of John Maynard Keynes and focused on macroeconomics in the short-run, particularly the rigidities caused when prices are fixed. It has two successors. Post-Keynesian economics is an alternative school—one of the successors to the Keynesian tradition with a focus on macroeconomics. They concentrate on macroeconomic rigidities and adjustment processes, and research micro foundations for their models based on real-life practices rather than simple optimizing models. Generally associated with Cambridge, England, and the work of Joan Robinson (see Post-Keynesian economics). New-Keynesian economics is the other school associated with developments in the Keynesian fashion. These researchers tend to share with other Neoclassical economists the emphasis on models based on micro foundations and optimizing behavior, but focus more narrowly on standard Keynesian themes such as price and wage rigidity. These are usually made to be endogenous features of these models, rather than simply assumed as in older style Keynesian ones (see New-Keynesian economics). John Maynard Keynes Joan Robinson Paul Krugman Paul Samuelson Peter Bofinger Joseph Stiglitz Nouriel Roubini Stanley Fischer Gregory Mankiw Jason Furman Huw Dixon Chicago school The Chicago School is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, notable particularly in macroeconomics for developing monetarism as an alternative to Keynesianism and its influence on the use of rational expectations in macroeconomic modelling. Frank H. Knight Jacob Viner Milton Friedman Thomas Sowell George Stigler Harry Markowitz Merton Miller Robert Lucas, Jr. Eugene Fama Myron Scholes Gary Becker Edward C. Prescott James Heckman Robert Z. Aliber Carnegie School Herbert A. Simon Richard Cyert James March Victor Vroom Oliver E. Williamson John Muth Neo-Ricardianism Piero Sraffa Luigi L. Pasinetti Vladimir Karpovich Dmitriev New institutional economics New institutional economics is a perspective that attempts to extend economics by focusing on the social and legal norms and rules (which are institutions) that underlie economic