History of economic thought
Neoclassical (19th and early 20th century)

Neoclassical economics developed in the 1870s. There were three main independent schools. The Cambridge School was founded with the 1871 publication of Jevons' Theory of Political Economy, developing theories of partial equilibrium and focusing on market failures. Its main representatives were Stanley Jevons, Alfred Marshall, and Arthur Pigou. The Austrian School of Economics was made up of Austrian economists Carl Menger, Eugen von Böhm-Bawerk, and Friedrich von Wieser, who developed the theory of capital and tried to explain economic crises. It was founded with the 1871 publication of Menger's Principles of Economics. The Lausanne School, led by Léon Walras and Vilfredo Pareto, developed the theories of general equilibrium and Pareto efficiency. It was founded with the 1874 publication of Walras' Elements of Pure Economics.
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