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Schools of Economic Thought

Schools of economic thought - Wikipedia

  • Classical
  • Socialist > Marxian Economics

Marxian economics​

Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Marx critique of political economy. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other, and in many cases Marxian analysis is used to complement or supplement other economic approaches.Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage rather than being synonymous. They share a semantic field while also allowing connotative and denotative differences

Austrian​

Keynesian​

counter cyclical fiscal policy​

measures which counteract the effects of the economic cycle

https://www.investopedia.com/terms/k/keynesianeconomics.asp

Mercantilism​

An economic policy that is designed to maximize the exports and minimize the imports for an economy, and often entails hoarding resources for one's own advantage

Mercantilism - Wikipedia

Laissez-faire​

Laissez-faire (from French:laissez faire, lit.'let do') is an economic system in which transactions between private parties are absent of any form of economic interventionism such as regulation and subsidies. As a system of thought, laissez-fairerests on the axiomsthat the individual is the basic unit in society and has a natural right to freedom; that the physical order of nature is a harmonious and self-regulating system; and that corporations are creatures of the state and therefore the citizens must watch them closely due to their propensity to disrupt the Smithian spontaneous order.

https://en.wikipedia.org/wiki/Laissez-faire

Anarcho-capitalism​

Anarcho-capitalism is a political philosophy and economic theory that advocates the elimination of centralized states in favor of free markets, private property and the right-libertarian interpretation of self-ownership. In the absence of statute, anarcho-capitalists hold that society tends to contractually self-regulate and civilize through participation in the free market which they describe as a voluntary society. Anarcho-capitalists support wage labour and believe that neither protection of person and property nor victim compensation requires a state. In a theoretical anarcho-capitalist society, the system of private property would still exist and be enforced by private defense agencies and insurance companies selected by customers which would operate competitively in an open market and fulfill the roles of courts and the police.

https://en.wikipedia.org/wiki/Anarcho-capitalism

Autarky​

  • economic independence or self-sufficiency
  • a country, state, or society which is economically independent
  • a military autarky would be a state that could defend itself without help from another country, or could manufacture all of its weapons without any imports from the outside world.

Capitalism​

Problem with Capitalism - It creates a problem, and rather than fixing the problem, it creates a new business to solve the problem

Is capitalism actually broken?

Capitalism Doesn't Need Consumers | Economics Explained - YouTube

Crony capitalism​

Crony capitalism describes an economic system where businesses gain an unfair advantage through close relationships with political officials, often at the expense of fair competition and open markets. This favoritism can manifest as special tax breaks, government grants, or preferential treatment in contracts, ultimately benefiting specific businesses over others.

The Most Important Economic Schools of Thought | Economics Explained - YouTube