Four schools of mainstream modern economic thought

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Four schools of mainstream modern economic thought

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Classical

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  • tendency of markets to move towards equilibrium
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  • objective theories of value
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  • Neo-classical: utilitarian in theory value, uses marginal theory as basis for models and equations
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  • Anders Chydenius: published ideas on liberalism 1765
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  • Adam Smith: Wealth of Nations 1776
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Marxian

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  • Karl Marx, Friedrich Engels
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  • labor theory of value is a method for measuring the exploitation of labor by capital, rather than calculating price
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Keynesian

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  • John Maynard Keynes: The General Theory of Employment, Interest, and Money 1936
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  • Made contemporary macroeconomics a distinct field
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  • labor market unemployment may not be self correcting
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  • price flexibility, monetary policy may not fix unemployment
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The Chicago School

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  • free market advocacy
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  • monetarist
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  • Milton Friedman
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  • market economics are stable as long as money supply does not expand or contract
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What to do next

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  1. Further research, add more memorabilia
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  1. Where does modern monetary theory and the austrian school (?) fit in here?
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Memorabilia

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FROZEN - Basic with Context:

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Context: Economics

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FILE TAGS

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economics

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Classical

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

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A: Anders Chydenius and Adam Smith

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Q: When did Anders Chydenius publish ideas on liberalism?

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A: 1765

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Q: What is Adam Smith’s seminal book?

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A: Wealth of Nations

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Q: When did Adam Smith write his seminal book?

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A: 1776

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Marxian

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Keynesian

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Q: John Maynard Keynes’ seminal book

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

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Q: When did Keynes write his seminal book?

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A: 1936

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References

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