Please enable JavaScript.
Coggle requires JavaScript to display documents.
Pengenalan - Coggle Diagram
Pengenalan
The Five Major Questions for Each School
What is the historical/social background?
Theories emerge from changing environments and problems.
Useful ideas become widespread; irrelevant ones fade quickly
What is the essence of the school?
Core ideas/generalizations define each school.
But generalizations have exceptions.
Whom did the school serve?
Theories reflect the interests of different groups:
Middle Ages: Church & morality (interest and salvation)
Mercantilists: Merchant capitalists (gold/silver accumulation)
Classical: Production growth
Socialists: Working-class welfare
Was it valid in its time?
Ideas may be valid in one era, invalid in another.
Some outdated ideas can become relevant again.
Some current beliefs may be wrong but persist due to tradition or resistance to change.
What is the lasting contribution or why did it fade?
Schools evolve or disappear as social and economic environments change.
New problems require new solutions and new theories.
Historical Division: Before & After 1500 A.D.
Before 1500:
Limited trade, local production
Money not widely used
No strong national economies
No formal economic theories or schools
After 1500:
Trade expanded rapidly
Rise of money economy
National states & economies emerged
Formal schools of economic thought developed
Timeline of Economic Doctrines
Illustrates the evolution of various economic schools.
Each rectangle represents a major school or stream of thought.
Solid and dashed lines show relationships between the school and areas
Solid lines: supportive or influenced towards the physiocrats
Dashed lines: opposed or rejected of the ideas of the mercantilist