Four schools of mainstream modern economic thought

Classical

• tendency of markets to move towards equilibrium

• objective theories of value

• Neo-classical: utilitarian in theory value, uses marginal theory as basis for models and equations

• Anders Chydenius: published ideas on liberalism 1765

• Adam Smith: Wealth of Nations 1776

Marxian

• Karl Marx, Friedrich Engels

• labor theory of value is a method for measuring the exploitation of labor by capital, rather than calculating price

Keynesian

• John Maynard Keynes: The General Theory of Employment, Interest, and Money 1936

• Made contemporary macroeconomics a distinct field

• labor market unemployment may not be self correcting

• price flexibility, monetary policy may not fix unemployment

The Chicago School

• free market advocacy

• monetarist

• Milton Friedman

• market economics are stable as long as money supply does not expand or contract

What to do next

1. Further research, add more memorabilia

2. Where does modern monetary theory and the austrian school (?) fit in here?

Memorabilia

FROZEN - Basic with Context:

Context: Economics

FILE TAGS

economics

Classical

Q: Who published ideas on liberalism in the 18th century?

A: Anders Chydenius and Adam Smith

Q: When did Anders Chydenius publish ideas on liberalism?

A: 1765

Q: What is Adam Smith’s seminal book?

A: Wealth of Nations

Q: When did Adam Smith write his seminal book?

A: 1776

Marxian

Keynesian

Q: John Maynard Keynes’ seminal book

A: The General Theory of Employment, Interest, and Money

Q: When did Keynes write his seminal book?

A: 1936

References

1. http://kolibri.teacherinabox.org.au/modules/en-boundless/www.boundless.com/political-science/textbooks/boundless-political-science-textbook/economic-policy-16/goals-of-economic-policy-100/fours-schools-of-economic-thought-classical-marxian-keynesian-and-the-chicago-school-536-7630/index.html