Austrian Economics is a prominent school of economic thought that focuses on individual action and subjective value, originating in the late 19th century with economists such as Carl Menger, Ludwig von Mises, and Friedrich Hayek. This economic framework emphasizes the significance of free markets, entrepreneurship, and the limitations of government intervention, while also critiquing central…

Monetarism is an economic theory that emphasizes the government’s role in regulating the money supply to influence national output and price levels. This theory, largely advanced by economist Milton Friedman, gained traction in the 1970s as a response to economic challenges such as stagflation, which questioned the effectiveness of Keynesian economics. Monetarism advocates for controlling…

Feminist economics is an analytical approach that critiques traditional economic theories for their inherent gender biases and emphasizes the significant role of gender in understanding economic issues. This field explores how economic policies affect men and women differently, highlighting the often-overlooked value of unpaid labor, predominantly performed by women, and advocating for its recognition in…

Development economics is a specialized field that analyzes the economic dimensions of development in low-income countries, focusing on how to achieve and sustain economic growth. It investigates the influence of institutions, policies, and social factors on economic outcomes, addressing critical issues such as poverty, inequality, and unemployment. The article examines key theories, including structural change,…

Neoclassical economics is a foundational framework in economic theory that operates on several key assumptions, including rational behavior, profit maximization by firms, market efficiency, and the existence of perfect information. This article examines these core assumptions, while also addressing the significant critiques that highlight their unrealistic nature and limitations in capturing real-world complexities, such as…

Classical economics is a foundational school of economic thought that emerged in the late 18th and early 19th centuries, emphasizing the self-regulating nature of free markets driven by supply and demand. Key figures such as Adam Smith, David Ricardo, and John Stuart Mill significantly contributed to its principles, with Smith’s concept of the “invisible hand”…

Environmental economics is a specialized field that analyzes the economic implications of environmental policies and practices. It focuses on the interaction between economic activities and environmental outcomes, evaluating costs and benefits associated with environmental protection. The article delves into various policy tools utilized in environmental economics, including market-based instruments like carbon taxes, regulatory measures such…

Post-Keynesian Economics is a school of thought that emphasizes the significance of uncertainty and effective demand in economic processes, challenging the efficiency of markets and the neoclassical focus on equilibrium. It critiques traditional economic theories and advocates for active government intervention to stabilize the economy, promote full employment, and address income distribution. The methodology of…

Behavioral economics is a field that examines the interplay between psychological factors and economic decision-making, highlighting how emotions, biases, and social influences can lead individuals to make irrational choices. Unlike traditional economics, which assumes rational behavior aimed at maximizing utility, behavioral economics reveals that concepts such as loss aversion and framing effects significantly shape consumer…

Keynesian Economics is an economic theory developed by John Maynard Keynes that emphasizes the importance of total spending, or aggregate demand, as the primary driver of economic growth and employment. This theory advocates for government intervention, particularly during economic downturns, to stimulate demand through increased public spending. Historical applications of Keynesian policies, such as the…