Question

Explain the main schools of thoughts and state their roles in aiding economics?​

Answer 1

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➵ The main idea of the Classical school was that markets work best when they are left alone, and that there is nothing but the smallest role for government.

➵ The most significant are Institutional economics, Marxian economics and the Austrian School.

➵ The development of Keynesian economics was a substantial challenge to the dominant neoclassical school of economics.

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