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The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.
The historical school of economics was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century. The professors involved compiled massive economic histories of Germany and Europe. Numerous Americans were their students. The school was opposed by theoretical economists. Prominent leaders included Gustav von Schmoller (1838–1917), and Max Weber (1864–1920) in Germany, and Joseph Schumpeter (1883–1950) in Austria and the United States.
Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange.
The foreign exchange market is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the credit market.
Jan A. Kregel is an American post-Keynesian economist.
A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy. Transition economies undergo a set of structural transformations intended to develop market-based institutions. These include economic liberalization, where prices are set by market forces rather than by a central planning organization. In addition to this trade barriers are removed, there is a push to privatize state-owned enterprises and resources, state and collectively run enterprises are restructured as businesses, and a financial sector is created to facilitate macroeconomic stabilization and the movement of private capital. The process has been applied in China, the former Soviet Union and Eastern bloc countries of Europe and some Third world countries, and detailed work has been undertaken on its economic and social effects.
János Kornai was a Hungarian economist noted for his analysis and criticism of the command economies of Eastern European communist states. He also covered macroeconomic aspects in countries undergoing post-Soviet transition. He was emeritus professor at both Harvard University and Corvinus University of Budapest. Kornai was known to have coined the term shortage economy to reflect perpetual shortages of goods in the centrally-planned command economies of the Eastern Bloc.
David McWilliams is an Irish economist, writer, and journalist. McWilliams initially worked as an economist with the Central Bank of Ireland, UBS bank and the Banque Nationale de Paris. Since 1999, he has been a broadcaster, writer, economic commentator and documentary-maker. He has written five books, The Pope's Children , The Generation Game, Follow the Money, The Good Room and Renaissance Nation, and written regular columns for the Irish Times and Irish Independent.
Hans-Werner Sinn is a German economist who served as President of the Ifo Institute for Economic Research from 1999 to 2016. He currently serves on the German economy ministry’s advisory council. He is Professor Emeritus of Economics and Public Finance at the University of Munich.
Per Anders Åslund is a Swedish economist and former Senior Fellow at the Atlantic Council. He is also a chairman of the International Advisory Council at the Center for Social and Economic Research (CASE).
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern, early modern and modern. Systematic economic theory has been developed mainly since the beginning of what is termed the modern era.
The Kiel Institute for the World Economy is an independent, non-profit economic research institute and think tank based in Kiel, Germany. In 2017, it was ranked as one of the top 50 most influential think tanks in the world and was also ranked in the top 15 in the world for economic policy specifically. German business newspaper, Handelsblatt, referred to the institute as "Germany's most influential economic think tank", while Die Welt, stated that "The best economists in the world are in Kiel".
Lúcio Vinhas de Souza is a Brazilian-Portuguese economist. His main research areas are global macroeconomics, development economics, finance and country risk, with extensive work experience at the developed economies of the European Union and the US, and in several emerging market regions, from the former Soviet Union to East Asia, Africa and Latin America.
Horst Siebert was a German economist. He was a member of the German Council of Economic Experts from 1990 to 2003. Siebert also served as a member of both the Group of Economic Analysis (GEA) and the Group of Economic Policy Analysis (GEPA), a number of "European economists who advise the European Commission’s president." From 2002 to 2004, as a member of GEA, he advised EU President Romano Prodi. From 2005 to 2007, as a member of GEPA, he advised EU President Jose Manuel Barroso Siebert spent most of his academic career at the University of Kiel, where he held the chair for economic theory from 1989 to 2003.
Michael Hüther is a German economist who currently serves as director of the Institut der deutschen Wirtschaft. He has previously been the chief economist of DekaBank. Hüther also is an honorary professor at the European Business School International University Schloss Reichartshausen.
Herbert Giersch was a German economist. He was one of the initial members of the German Council of Economic Experts in 1964, serving on the council until 1970, and also was president of the Kiel Institute for the World Economy 1969–1989. Giersch was considered the most influential German economist during the chancellorships of Willy Brandt, Helmut Schmidt, and Helmut Kohl.
Claudia Maria Buch is a German economist who currently serves as Vice President of the Bundesbank. She previously worked as professor at the University of Tübingen and served as a member of the German Council of Economic Experts. Buch worked as scientific director at the Institut für Angewandte Wirtschaftsforschung in Tübingen and as chairperson of the economic council at the Federal Ministry of Economics and Technology. She still teaches at the Otto-von-Guericke-Universität Magdeburg. Her research focuses on regulation and supervision of banking.
Erik Berglöf is a Swedish economist, currently the Chief Economist of the Asian Infrastructure Investment Bank (AIIB), the Beijing-based multilateral development bank established in 2016 with a mission to improve social and economic outcomes in Asia. In March 2019 Erik Berglöf was appointed to the European Council's High Level Group of Wise Persons on the European financial architecture for development where Berglöf and eight other economists will suggest changes to the EU's development finance structure. In 2017–2018 Erik Berglöf served on the secretariat of the G20 Eminent Persons Group on Global Financial Governance and on the Governing Board of the Institute for New Economic Thinking in New York.
Wolfgang Kasper is an Australian economist, linguist and traveller. Since 1999, he has been an emeritus professor of economics of the University of New South Wales. He is best known internationally for his institutional economics textbook and in Australia for his advocacy of market deregulation.
Gabriel Felbermayr is an Austrian economist who has been serving as president of the Austrian Institute of Economic Research (WIFO) since 2021. He specializes in international economics, international trade agreements, economic policy, and environmental economics. Considered a leading economist in the field of international economics, he is cited in the top 5% of all economists and has been referred to as "Germany's Chief Economist of the North".
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