How do you interpret economics?
Which school of economics do you most agree with? For those who forget which school believes in what, below is a summary of some of the major school of economics:
- Classical Economics: Believed in free market policies and that economies change through investment.
- Neo-classical Economics: Believed that economies change through individual choices and that economies change through free market or interventionism.
- Marxist: Believed economies change through class struggle and technological progress and recommended socialist revolution and central planning.
- Keynesian: Recommended an active fiscal policy and income redistribution toward the poor.
- Austrian: Believed economies changed through individual choices, but were rooted in tradition.
For me, I tend to agree with the Schumpeterian economic school, which believes economies change through technological innovation. I believe the technology is what drives the economy, and the entrepreneurial tendencies of humans allow for individuals to shape the economy.
Which economic school do you guys believe in and why?
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