Schools of Economic Thought

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Can you name the Schools of Economic Thought?

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BeliefsExponents
Labour determines the value of goods. Economics must respect and facilitate social cohesion and morality.Ibn Khaldun
Increasing net exports with a strong tariff policy will increase a country's bullion, power and wealth. Money and wealth are interchangeable terms.Bodin, Mun
Wealth comes from the land alone. Farming is productive, industry is not productive. Money is not equivalent to wealth.Quesnay, Turgot
Capitalism is dynamic yet stable. Self-interest motivates people to do good. Land, labour and capital are all productive. Division of labour yields economic growth.Smith, Ricardo
Economics depends on cultural context. Mathematical deduction is flawed. The study of economic history is vital.List, Weber
Labour determines the value of goods. Profit and rent are merely appropriations of labour value away from workers.Marx, Engels
The economy acts like a system of mathematical functions; agents maximise utility functions. Markets are highly efficient; unemployment and goods shortages are temporary.Walras, Marshall
BeliefsExponents
The means of production should be owned by as many private individuals as possible, not a socialist state or a few capitalists.Belloc, Pope Leo XIII
Laissez-faire is an efficient spontaneous order. Gold standard, not fiat currency. Mathematics, predictions and tests are not useful.Menger, Hayek
Free markets can be inefficient. Government spending should stabilise aggregate demand and unemployment across the business cycle.Keynes, Samuelson
The money supply has a strong influence on short-run output and determines long-run prices. Control money supply growth.Milton Friedman
People have rational expectations about the future. Markets are perfectly efficient; unemployment is a labour supply choice.Lucas, Prescott
Prices and wages don't change immediately, so markets can be inefficient in the short run, even if people have rational expectations.Mankiw, David Romer
Keynes was misrepresented. Private institutions like banks make capitalism unstable. Uncertainty about the future matters.Robinson, Minsky

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