Real-world economics

Heterodox economic field

Economics
Part of a series on
History Outline Index
Branches and classifications Applied Econometrics Heterodox International Micro / Macro Mainstream Mathematical Methodology Political JEL classification codes
Concepts, theory and techniques Economic systems Economic growth Market National accounting Experimental economics Computational economics Game theory Operations research Middle income trap Industrial complex
By application Agricultural Behavioral Business Cultural Demographic Development Digitization Ecological Education Engineering Environmental Evolutionary Expeditionary Feminist Financial Geographical Happiness Health Historical Humanistic Industrial organization Information Institutional Knowledge Labour Law Managerial Monetary Natural resource Organizational Participation Personnel Planning Policy Public Public choice / Social choice theory Regional Rural Service Socio Sociological Solidarity Statistics Urban Welfare
Notable economists de Mandeville Quesnay Smith Malthus Say Ricardo von Thünen List Bastiat Cournot Mill Gossen Marx Walras Jevons George Menger Marshall Edgeworth Clark Pareto von Böhm-Bawerk von Wieser Veblen Fisher Pigou Heckscher von Mises Schumpeter Keynes Knight Polanyi Frisch Sraffa Myrdal Hayek Kalecki Röpke Kuznets Tinbergen Robinson von Neumann Hicks Lange Leontief Galbraith Koopmans Schumacher Friedman Samuelson Simon Buchanan Arrow Baumol Solow Rothbard Greenspan Sowell Becker Ostrom Sen Lucas Stiglitz Thaler Hoppe Krugman Piketty more
Lists Glossary Economists Publications (journals) Schools
Business portal Money portal
v t e

Real-world economics is a school of economics that uses an inductive method to understand economic processes. It approaches economics without making a priori assumptions about how ideal markets work, in contrast to what Nobel Prize-winning economist, Ronald Coase, referred to as "blackboard economics" and its deductive method.^[1]

References

^ Coase, R. H. (1987). The Firm, the Market, and the Law. University of Chicago Press. p. 19.

Fullbrook, Edward, ed. (2007). Real World Economics: A Post-Autistic Economics Reader. Anthem Press. ISBN 9781843312369.
What Every Economics Student Needs to Know and Doesn't Get in the Usual Principles Text. Routledge. 2014. p. 7. ISBN 978-0765639233.
Foundations of Real-World Economics, Abingdon-on-Thames. Routledge. 2019. p. 192.

External links

Real-World Economics Review
Examples of real-world economics concepts from the American Economic Association
Real-world economics explained at The Economics Network
Foundations of Real-World Economics at Harvard Summer School

Schools of economic thought

Pre-modern

Modern era

Early modern	Cameralism Mercantilism Physiocrats School of Salamanca
Late modern	American (National) Anarchist Mutualism Austrian Birmingham Classical Ricardian Distributist English historical French Liberal Georgism German historical Malthusian Manchester Marginalism Marxist economics Marxian critique of political economy Neoclassical Lausanne Socialist
Contemporary (20th and 21st centuries)	Behavioral Buddhist Capability approach Carnegie Chartalism Modern Monetary Theory Chicago Constitutional Cracovian Disequilibrium Ecological Evolutionary Feminist Freiburg Institutional Keynesian Neo- Neoclassical–Keynesian synthesis New Post- Circuitism Keynes–Marx synthesis Monetarism Market Neo-Malthusian Neo-Marxian Neo-Ricardian Neo-Schumpeterian Neoliberalism New classical Rational expectations theory Real business-cycle theory New institutional New neoclassical synthesis Organizational Public choice Regulation Saltwater/freshwater Stockholm Structuralist Supply-side Thermoeconomics Virginia Social credit