The most famous economic theories
Although you may know the greatest economists of all time, the best way to get to know these figures is to understand what their main economic theories were.
When reading about the most common economic theories :
- You will improve your understanding of the main economic figures, such as Keynes, Friedman or Smith.
- You will become more familiar with different economic concepts, from laissez-faire economics to game theory.
- You will understand which schools of thought economists belong to.
There are economic models and economic concepts that have been around for hundreds of years, one example being classical economics, spearheaded by figures like Adam Smith. However, other equally compelling and enduring theories have emerged, such as:
- The Keynesian economics.
- Milton Friedman and the theory of monetarism, which is closely associated with him.
- The Marxism and, in particular, Karl Marx’s critique of capitalist economies.
Furthermore, the most recent economic concepts have also gained traction in recent decades. For example, game theory and prospect theory are still relatively new economic theories. Prospective theory, in particular, has done much to develop our understanding of the field of behavioral economics and challenges the idea that human beings always make rational economic decisions.
Although not all economic theories agree with each other (Keynes and Friedman are two very famous examples of economists whose theories sometimes clash ), it is important to read different and contradictory economic theories.
This will not only help you improve your skills in economic analysis, but it will also develop your understanding of the field of economics as a whole and of the problems that concern economists today, such as inflation, unemployment or the monetary politics.
In short, if you can research the most famous examples of economic theories, you will be much better prepared for your exams.
Similarly, if you need help preparing for an exam or essay, or are having difficulty getting more information about a particular economist, like Stiglitz, you can also turn to Superprof for help.
There are a variety of economics teachers at Superprof, who offer face-to-face and online private classes, so you are sure to find a teacher with the experience and availability to suit your needs. The most famous economic theories