History of University College London pass the Commons. A third bill was introduced in the Lords in February 1898 and finally passed both houses, despite a number of blocking amendments, receiving Royal Assent on 12 August. The University of London was reformed under the University of London Act 1898 to become a federal teaching university for London while retaining its position as an examining body for colleges outside of the capital. UCL became a school of the University "in all faculties". The philosopher and jurist Jeremy Bentham (1748–1832), advocate of Utilitarianism, is often credited with being one of the founders of the original 'University of
Schools of economic thought what is termed the modern era. Currently, the great majority of economists follow an approach referred to as mainstream economics (sometimes called 'orthodox economics'). Within the mainstream in the United States, distinctions can be made between the Saltwater school (associated with Cornell, Berkeley, Harvard, MIT, Pennsylvania, Princeton, and Yale), and the more laissez-faire ideas of the Freshwater school (represented by the Chicago school of economics, Carnegie Mellon University, the University of Rochester and the University of Minnesota). Both of these schools of thought are associated with the neoclassical synthesis. Some influential approaches of the past, such as the historical school