Timeline of Economic Thinking
Mercantilism
Classical School of Economics
19th Century Development
Measuring wealth using silver/gold
Adam Smith - Father of classical economics
Wealth = value of goods/services
Labour theory of value
Invisible hand
Ricardo - international trade
Say's law of markets
Absolute/comparative advantage
Demand comes from production; more production = more demand = economic growth
Neoclassical School of Economics
Value of good = utility generated
Utility can be measured
Marginal revolution - emphasis on demand
Keynesian Economics
Laissez faire
Increasing aggregate demand fosters economic growth
Government intervention - fiscal/monetary policy
Monetarism
Behavioural Economics
Economic growth = supply of money
Humans are irrational at times - we cannot assume they are perfect decision makers
Circular Economy
Instead of Take - Make - Dispose, Reuse and Recycle goods
Donut Economy
18th Century
19th Century
20th Century
21st Century
