Adam Smith Pioneer of Political Economy and Father of Modern Economics and Capitalism. Wrote An Inquiry into the Nature and Causes of the Wealth of Nations, pub. Collaborated with David Hume. Member of the Royal Society of London.
School of Salamanca. Attention was drawn to the economic thought of the School by Joseph Schumpeter's History of Economic Analysis (1954) praising the high level of economic science in Spain in the 16th century. He argued that the School deserved to be considered the founders of economics as a science. Seeds for the future "currency" and "banking" schools germinated here. The School is similar in many ways to that of the Austrian School. Murray Rothbard referred to them as proto-Austrians.
Lausanne School of Economics. The "Mathematical" school of thought surrounding the Leon Walrus and later that of Vilfredo Pareto (both French). The central feature was the development of General Equalibrium Theory. This was what I intuitively rebelled against in my first economics class in 1967, saying in class that if my uncle, who owned seven banks in Miami, used this methodology, he would be broke. The class laughed and I was failed. I was vindicated decades later by the Austrian School.
Bases its study of economic phenomena on the interpretation and analysis of the purposeful actions of individuals. Contributions include the subjective theory of value, marginalism in price theory and formulation of the economic calculation problem. Expounds the belief that aggregate statistical models are not appropriate tools with which to model purposeful action or to analyze the economic results thereof.