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Evolution of Economic Theories & Assumptions
A Longitudinal Panel Dataset of Economic Ideas Across Schools of Thought, 1776–2023

Longitudinal Panel Dataset  ·  52 Economists & Schools of Thought
68 Observations  ·  19 Variables (incl. Publication URL)  ·  Based on Major Works & Published Economic Theory
Designed for Thoughtmetrics Panel Data Analysis

52
Economists
68
Observations
19
Variables
247
Years Covered

📋 Dataset Overview

This is a longitudinal panel dataset constructed from the published works, lectures, and theoretical contributions of major economists spanning from Adam Smith's Wealth of Nations (1776) to Claudia Goldin's Nobel Lecture (2023). Each row represents a specific economist's position on key economic phenomena at a particular point in time, derived from their most influential publication or address of that year. A Publication URL column has been added to provide direct links to each cited work for verification, further reading, and citation.

The dataset is structured as a true panel: many economists appear multiple times at different years — Hayek in 1935, 1944, and 1974; Friedman in 1956, 1968, and 1976; Lucas in 1972, 1976, and 1988; Stiglitz in 1982, 2002, and 2012 — allowing users to trace how individual thinkers evolved across major economic events such as the Great Depression, the 1970s stagflation crisis, and the 2008 Global Financial Crisis.

🔗 Publication URL Column — Access Types & Source Guide

The Publication URL column (column 5) contains direct links to each publication. URLs span several source types with different access conditions:

BadgeSource TypeAccessExamples in Dataset
OPEN EconLib, Gutenberg, Marxists.org, Mises.org, Nobel Prize, Fed speeches, Tanner Lectures, Archive.org Freely accessible, no login required Smith, Ricardo, Mill, Marshall, Hayek, Marx, Veblen, Friedman Nobel, Bernanke Fed speech, Goldin Nobel
JSTOR JSTOR stable links to journal articles Requires institutional or personal account; free read-only access available after registration Hicks 1937, Solow 1956, Fama 1970, Akerlof 1970, Friedman 1968, Barro 1974, Kydland–Prescott 1982, Hansen 1982, Romer 1990, Acemoglu 2001
DOI Digital Object Identifier (ScienceDirect / journal publisher) Institutional access typically required; abstract freely visible Lucas 1972, Lucas 1988, Taylor 1993
FED / GOV Federal Reserve, Kansas City Fed, NBER, Minneapolis Fed Freely accessible Bernanke 2002, Mishkin 2007, Yellen 2014, Rajan 2005, Sargent 1981
PUBLISHER Publisher or author website (Harvard UP, MIT Press, Norton, Princeton UP, etc.) Freely accessible landing page; purchase required for full text Friedman 1956, Shiller 2000, Tirole 1988, Ostrom 1990, Piketty 2014, Summers 2014, Reinhart–Rogoff 2009

Note: All JSTOR links require free account registration at jstor.org for read-only access to up to 100 articles per month. Researchers with university affiliations can access full PDFs through their institution's library portal.

⚡ How to Import & Analyse in Thoughtmetrics
1
Download the Excel file and open Thoughtmetrics → Dataset Lab (Excel/CSV) tab.
2
Check the ★ Panel Data Mode checkbox before importing, then click Import XLSX.
3
After import, select "Year" from the time variable dropdown and click Set as Time Variable. The Publication URL column and the 15 thematic columns become your analysable themes. You may exclude the URL column from analysis via the theme picker.
4
In the Code Section, use panel-aware commands. For example:
Gen Matrix where C = f(Role of Government, Business Cycle Theory) | time variable (Year) = 1930-1945
compare consciousness sets C_(John Maynard Keynes) and C_(Friedrich Hayek) | Thoughts = Role of Government | time variable = 1936
generate sets of consciousness C_all | Thoughts = Market Self-Regulation View | time variable = 2000-2023
5
Create named groups by school of thought:
create group of states of consciousness C_(Keynesians) = f(School of Thought) | School of Thought = Keynesian School
compare groups of states of consciousness C_(Keynesians) and C_(Austrian School) | Thoughts = Role of Government
Fixed Categorical Values — All 17 Thematic Variables:
School of Thought: Classical School | Marxist School | Neoclassical School | Classical Liberal | Welfare Economics | Keynesian School | Austrian School | Neoclassical Synthesis | Institutional School | Monetarist School | New Classical School | Post-Keynesian School | New Keynesian School | Development Economics | Public Choice School | Endogenous Growth Theory | Behavioral Economics | Labor Economics | Environmental Economics | International Macroeconomics | Industrial Organization | Econometrics School
Role of Government: Laissez-Faire | Minimal Intervention | Corrective Regulation | Active Fiscal Policy | Central Planning | Rule-Based Policy | Institutional Framework
Market Self-Regulation View: Self-Correcting Always | Self-Correcting in Long Run | Requires Correction | Fundamentally Unstable | Information Problems | Behavioral Biases Exist | Efficient Given Information
Theory of Value and Prices: Labor Theory of Value | Marginal Utility Theory | Supply-Demand Equilibrium | Administered Prices | General Equilibrium | Information-Based Pricing | Hedonic Pricing
Theory of Unemployment: Always Voluntary | Natural Rate Exists | Demand-Deficient Involuntary | Structural and Frictional | Hysteresis Effects | Efficiency Wages | Search and Matching
Theory of Economic Growth: Division of Labor | Capital Accumulation | Neoclassical Convergence | Endogenous Innovation | Human Capital Central | Institutions Fundamental | Effective Demand Driven
Income Distribution View: Market Returns Fair | Exploitation of Labor | Progressive Redistribution | Functional Distribution | Capability Approach | Capital Returns Rising | Kuznets Curve
International Trade Stance: Absolute Advantage | Comparative Advantage | Infant Industry Protection | New Trade Theory | Strategic Trade Policy | Managed Trade Balanced | Export-Led Growth
Monetary Policy View: Money Veil Neutral | Quantity Theory | Interest Rate Target | Fiscal Dominance | Monetary Rules | Credit Channel | Quantitative Easing
Business Cycle Theory: Real Shocks Exogenous | Credit Over-Expansion | Animal Spirits Investment | Monetary Disturbance | Demand Shocks Dominant | Financial Instability | Political Business Cycles
Capital Theory: Labor Theory of Capital | Marginal Productivity | Capital Heterogeneity | Capital Accumulation Dynamics | Human Capital Theory | Reswitching Paradox | Capital-Skill Complementarity
Financial Markets View: Pre-Modern/Not Analyzed | Neutral Intermediation | Efficient Given Information | Information Asymmetry | Inherent Instability | Rational Bubbles Possible | Behavioral Biases
Expectations Framework: Static/Adaptive Expectations | Rational Expectations | Bounded Rationality | Animal Spirits | Credibility and Commitment | Behavioral Expectations | Post-Keynesian Uncertainty
State of Macroeconomic Consensus: Classical Dominance | Keynesian Revolution | Monetarist Counter-Revolution | New Classical Revolution | New Keynesian Synthesis | DSGE Mainstream | Post-2008 Rethinking
🏛️ Schools of Economic Thought Represented
Classical SchoolMarxist School Neoclassical SchoolKeynesian School Austrian SchoolNeoclassical Synthesis Monetarist SchoolNew Classical School New Keynesian SchoolPost-Keynesian School Institutional SchoolDevelopment Economics Public Choice SchoolWelfare Economics Endogenous Growth TheoryBehavioral Economics Labor EconomicsEnvironmental Economics International MacroeconomicsIndustrial Organization Econometrics SchoolClassical Liberal
👤 52 Economists — 68 Observations — 1776 to 2023
Adam Smith (1776) — Wealth of Nations David Ricardo (1817) — Comparative Advantage Thomas Malthus (1820) — Effective Demand John Stuart Mill (1848) — Classical Liberal Karl Marx (1867, 1885) — Das Kapital Vol I & II Alfred Marshall (1890) — Marginal Analysis Thorstein Veblen (1899) — Institutional Critique Arthur Pigou (1920) — Welfare Economics John Maynard Keynes (1930, 1936) — General Theory Friedrich Hayek (1935, 1944, 1974) — Price Signals John Hicks (1937) — IS-LM Framework Paul Samuelson (1948, 1970) — Neoclassical Synthesis Kenneth Arrow (1951) — Social Choice Robert Solow (1956) — Growth Model Milton Friedman (1956, 1968, 1976) — Monetarism Gunnar Myrdal (1957) — Cumulative Causation James Tobin (1958) — Portfolio Theory Walt Rostow (1960) — Stages of Growth Robert Mundell (1961) — Optimal Currency Areas James Buchanan (1962) — Public Choice Gary Becker (1964) — Human Capital Eugene Fama (1970) — Efficient Markets George Akerlof (1970) — Market for Lemons Robert Lucas (1972, 1976, 1988) — Rational Expectations Hyman Minsky (1974, 1986) — Financial Instability Robert Barro (1974) — Ricardian Equivalence William Nordhaus (1977) — Environmental Economics Paul Krugman (1979, 2009) — New Trade Theory Amartya Sen (1979) — Capability Approach Thomas Sargent (1981) — Policy Credibility Finn Kydland & Edward Prescott (1982) — RBC Lars Peter Hansen (1982) — GMM Econometrics Joseph Stiglitz (1982, 2002, 2012) — Information Ben Bernanke (1983, 2002) — Financial Accelerator Janet Yellen (1984, 2014) — Efficiency Wages N. Gregory Mankiw (1985) — New Keynesian Olivier Blanchard (1987) — DSGE Models Jean Tirole (1988) — Industrial Organization Elinor Ostrom (1990) — Commons Governance Paul Romer (1990) — Endogenous Growth John Taylor (1993) — Taylor Rule Robert Shiller (2000) — Irrational Exuberance Daron Acemoglu (2001, 2012) — Institutions Raghuram Rajan (2005) — Financial Risk Nouriel Roubini (2006) — Crisis Prediction Frederic Mishkin (2007) — Monetary Transmission Carmen Reinhart & Kenneth Rogoff (2009) — Debt Crises Lawrence Summers (2014) — Secular Stagnation Thomas Piketty (2014) — Capital & Inequality Claudia Goldin (2023) — Gender Pay Gap

File: Evolution_of_Economic_Theories_Panel_Dataset_Thoughtmetrics.xlsx  ·  19 columns including Publication URL