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.
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My name is Camden Alchanati and my goal is to teach you how to create a future of financial stability and growth!