Theory↕ | Key Economist↕ | Year Proposed↕ | Core Idea↕ | School of Thought↕ |
|---|---|---|---|---|
Classical Economics | Adam Smith | 1776 | Free markets self-regulate through the invisible hand | Classical |
Comparative Advantage | David Ricardo | 1817 | Countries benefit by specializing in goods they produce most efficiently | Classical |
Marxian Economics | Karl Marx | 1867 | Capitalism exploits labor; surplus value accrues to capital owners | Marxist |
Marginal Utility Theory | Carl Menger | 1871 | Value is determined by the additional satisfaction from one more unit | Austrian |
General Equilibrium | Leon Walras | 1874 | All markets simultaneously reach equilibrium through price adjustment | Neoclassical |
Keynesian Economics | John Maynard Keynes | 1936 | Government spending can stabilize economies during recessions | Keynesian |
Creative Destruction | Joseph Schumpeter | 1942 | Innovation constantly destroys old industries to create new ones | Evolutionary |
Game Theory | John von Neumann | 1944 | Strategic interactions where outcomes depend on all participants' choices | Mathematical |
Monetarism | Milton Friedman | 1963 | Controlling money supply is the best way to manage the economy | Chicago School |
Human Capital Theory | Gary Becker | 1964 | Education and training are investments that increase productive capacity | Chicago School |
Efficient Market Hypothesis | Eugene Fama | 1970 | Asset prices fully reflect all available information | Chicago School |
Rational Expectations | Robert Lucas | 1972 | People form expectations using all available information rationally | New Classical |
Public Choice Theory | James Buchanan | 1962 | Politicians and bureaucrats act in self-interest, not public interest | Virginia School |
Supply-Side Economics | Arthur Laffer | 1974 | Lowering taxes increases economic growth and can raise total revenue | Supply-Side |
New Trade Theory | Paul Krugman | 1979 | Economies of scale and network effects shape international trade patterns | New Keynesian |
Real Business Cycle Theory | Finn Kydland | 1982 | Economic fluctuations are driven by real shocks, not monetary factors | New Classical |
Endogenous Growth Theory | Paul Romer | 1986 | Innovation and knowledge are key internal drivers of economic growth | New Growth |
Institutional Economics | Douglass North | 1990 | Institutions (rules, norms, enforcement) are the primary drivers of economic performance | Institutional |
Behavioral Economics | Daniel Kahneman | 1979 | Psychological biases cause people to deviate from rational economic decisions | Behavioral |
Nudge Theory | Richard Thaler | 2008 | Small design changes in choice architecture can guide better decisions | Behavioral |
Modern Monetary Theory | Stephanie Kelton | 2020 | Sovereign currency issuers cannot run out of money; inflation is the real constraint | Post-Keynesian |
Austrian Business Cycle | Ludwig von Mises | 1912 | Artificial credit expansion causes unsustainable booms followed by busts | Austrian |
Tragedy of the Commons | Garrett Hardin | 1968 | Shared resources are depleted when individuals act in self-interest | Ecological Economics |
Moral Hazard | Kenneth Arrow | 1963 | People take more risks when insulated from consequences | Information Economics |
Impossible Trinity | Robert Mundell | 1963 | A country cannot have free capital flow, fixed exchange rate, and independent monetary policy simultaneously | International |
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