5 Major Economic Schools of Thought

Major Economic Schools of Thought

5 Major Economic Schools of Thought

Classical Economics

Emphasizes free markets and laissez-faire policies, believing in the self-regulating nature of the economy.

Key Figures:

  • Adam Smith
  • David Ricardo
  • Jean-Baptiste Say

Key Ideas:

  • Invisible hand theory
  • Supply and demand
  • Comparative advantage
  • Labor theory of value

Key Concepts:

Free marketDivision of laborRational self-interest
Classical Economics - Adam Smith
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