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