| Beliefs | | Exponents |
|---|
| 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. | |
| | Beliefs | | Exponents |
|---|
| The means of production should be owned by as many private individuals as possible, not a socialist state or a few capitalists. | |
| 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. | |
| Keynes was misrepresented. Private institutions like banks make capitalism unstable. Uncertainty about the future matters. | |
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