What's it: New classical economics is an evolution of the classical schools of economics and uses a neoclassical microeconomic approach to explain macroeconomic phenomena. It emphasizes the maximization of utility and the rational
School of Economic Thought
Austrian School of Economics: Thoughts, Criticisms, and Literatures
What's it: the Austrian school of economics emphasizes individualism, subjectivism, opportunity costs, and time preference in consumption and investment. Austrian economists used logical and deductive reasoning. They view the
Monetarist School of Thought: Ideas, Propositions, and Concepts for Policy
What's it: Monetarist school of thought is one of the mainstream macroeconomic thought. It believes that money supply is the primary determinant of economic growth. Those who hold this view we call monetarists or monetary
Neoclassical Economics: Assumptions, Ideas
What's it: Neoclassical economics views supply and demand as the main factors that determine the economy, starting from goods, prices, to income in the economy. Neoclassical economists adopt the equilibrium method to explain how the