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Can you name the Schools of Economic Thought?
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UN Security Council Members
Labour determines the value of goods. Economics must respect and facilitate social cohesion and morality.
Increasing net exports with a strong tariff policy will increase a country's bullion, power and wealth. Money and wealth are interchangeable terms.
Wealth comes from the land alone. Farming is productive, industry is not productive. Money is not equivalent to wealth.
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.
Economics depends on cultural context. Mathematical deduction is flawed. The study of economic history is vital.
Labour determines the value of goods. Profit and rent are merely appropriations of labour value away from workers.
The economy acts like a system of mathematical functions; agents maximise utility functions. Markets are highly efficient; unemployment and goods shortages are temporary.
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.
Free markets can be inefficient. Government spending should stabilise aggregate demand and unemployment across the business cycle.
The money supply has a strong influence on short-run output and determines long-run prices. Control money supply growth.
People have rational expectations about the future. Markets are perfectly efficient; unemployment is a labour supply choice.
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.
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