Escuelas económicas History Timeline and Biographies

The Birth of Classical Economics

The publication of Adam Smith's "The Wealth of Nations" in 1776 marked the beginning of Classical Economics, laying the foundation for the Escuelas económicas that followed. Smith introduced concepts such as the invisible hand and free markets, which became central to economic thought.

David Ricardo and Comparative Advantage

In 1817, David Ricardo published "Principles of Political Economy and Taxation," introducing the theory of comparative advantage. This idea became a cornerstone of Classical Economics within the Escuelas económicas, influencing trade policies and international economics.

The Marginal Revolution and Neoclassical Economics

The Marginal Revolution in the 1870s, led by economists like Carl Menger, William Stanley Jevons, and Léon Walras, established Neoclassical Economics as a significant school within the Escuelas económicas. This shift emphasized marginal utility and individual decision-making in economic analysis.

Keynesian Economics Emerges

John Maynard Keynes published "The General Theory of Employment, Interest, and Money" in 1936, challenging Classical Economics and laying the groundwork for Keynesian Economics. This school within the Escuelas económicas advocated for government intervention to manage economic cycles and address unemployment.

The Establishment of the Bretton Woods System

In 1946, the Bretton Woods Conference established a new international monetary system, reflecting Keynesian principles. This development influenced global economic policies and reinforced the relevance of Keynesian Economics within the Escuelas económicas during the post-war era.

The Rise of Monetarism

In the 1970s, economists like Milton Friedman popularized Monetarism, which emphasized the role of government in controlling the money supply. This school emerged as a response to the perceived failures of Keynesian policies, adding to the diversity within the Escuelas económicas.

Supply-Side Economics Gains Popularity

The 1980s saw the rise of Supply-Side Economics, championed by figures like Arthur Laffer. This school within the Escuelas económicas argued that lower taxes and reduced regulation would stimulate economic growth, influencing policies in the United States and beyond.

The Emergence of New Classical Economics

During the 1990s, New Classical Economics gained prominence, focusing on rational expectations and the idea that markets are always clear. This school within the Escuelas económicas emphasized the importance of individual decision-making and market efficiency.

The Global Financial Crisis and Its Aftermath

The 2008 financial crisis sparked renewed interest in various economic theories, including Keynesian and Post-Keynesian economics. The crisis challenged existing paradigms within the Escuelas económicas, leading to debates on regulation and economic stability.

Behavioral Economics Gains Recognition

In the 2010s, Behavioral Economics emerged as a significant school within the Escuelas económicas, integrating insights from psychology into economic analysis. This approach challenged traditional assumptions about rational decision-making and highlighted the impact of cognitive biases on economic behavior.

The Rise of Ecological Economics

In 2020, Ecological Economics gained traction as a response to environmental challenges. This school within the Escuelas económicas emphasizes sustainability and the interconnectedness of economic systems and ecological health, advocating for a more holistic approach to economic policy.

Current Trends in Economic Thought

As of 2024, the Escuelas económicas continue to evolve, with increasing focus on inequality, digital economies, and the impact of technology on economic systems. New interdisciplinary approaches are emerging, blending insights from various fields to address contemporary economic challenges.