Saltwater school (economics).html
 
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Saltwater (as opposed to sweetwater or freshwater) economics refers to the school of thought developed by cultural institutions located in the proximity of the oceans, such as Berkeley, MIT, and Harvard.12

Arnold Kling describes the difference between the schools as their treatment of apparent irrational behavior: Sweetwater economists, such as the Chicago school, presume all behavior to be rational, whereas Saltwater economists find "examples of irrational behavior and imperfect markets are interesting and important."3

References

  1. ^ Kilborn PT. (1988). 'Fresh water' Economists Gain. New York Times.
  2. ^ Warsh, David. Knowledge and the Wealth of Nations, 105, 166, 174, 235, 257, 270, 272, 386, 387. W. W. Norton & Company (2006). ISBN 0393059960, 9780393059960
  3. ^ Kling, Arnold. (2002). Sweetwater vs. Saltwater.
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