## Monday, December 7, 2009

### The two schools of economic thought.

There are really two big schools of modern economic though, the bottom-up and the top-down.  The bottom up school is made up of the Austrians and the New Institutional Economists.  The top-down school is made of the Monetarists and the new Keynesians.

1. I think that's an overbroad and inaccurate generalization.

2. Probably, Rob, I was trolling to see how other people categorized the various methods. How do you do it?

3. I think this is about right. It explains why many more libertarian bloggers were thrilled by Ostrom's Nobel win despite not herself being libertarian. She's a bottom-up economist. Whenever you mention a "two types of people in the world" argument, it almost has be be overgeneralized.

4. Thanks, yah the libertarian response to her work influenced this thought.

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