Overview
The historical evolution of economic thought is a fascinating journey that reflects the changing dynamics of society and the economy. From classical economics, which laid the groundwork for free-market principles, to Keynesian economics that emerged in response to the Great Depression, each school o...
Key Terms
Example: Laissez-faire policies were prominent during the Industrial Revolution.
Example: Government spending can lead to a multiplier effect in the economy.
Example: Anchoring bias can affect consumer decisions.
Example: Adam Smith argued that self-interest leads to economic prosperity.
Example: Keynesian economics emphasizes the importance of demand in the economy.
Example: Milton Friedman was a key proponent of monetarism.
Related Topics
Key Concepts
Classical EconomicsKeynesian EconomicsMonetarismBehavioral Economics