7 Different Types of Economics

Economics has become a religion. It runs the world and it creates wealth for many. Here are seven different types of economic theories:

Neoclassicists: Individuals as utility-maximizing algorithms; utility driven transactions.

Keynesians: How to prevent recessions from turning into depressions in the short run; a fall in aggregate demand must be reversed through increased investment.

Monetarists: Money supply should be the government's sole economic-policy tool and be used to maintain price stability through equilibrium of the money supply.

Rational Expectations: Disagrees with Keynesians and Monetarists. People make choices based on rational outlook, available information, and past experiences.

Austrian School Libertarians: The workings of the broad economy are the sum 0f smaller individual decisions and actions.

Empiricists: Evidence-based; use data.

Marxists: The specialization of the labor force coupled with a growing population, pushes wages down, and the value of goods and services does not accurately account for the true cost of labor.