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Economics - Classical School of Thought, Keynesian School of Thought, Supply Side School of Thought, Monetarist School of Thought
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Introduction The word economics is derived from "oikonomikos" which means skilled household management. Modern economic thought emerged in the 17th and 18th centuries as the western world began its transformation from an agrarian to industrial society. Four major schools of thought have emerged over the years of economic development. 1) Classical School of Thought 2) Keynesian School of Thought 3) Supply Side School of Thought 4) Monetarist School of Thought Classical Theory: The Classical Theory is based on the automaticassumption of "of "Self Equilibration" tendency of the economic forces. The classical view holds that is the aggregate supply curve is vertical and is the sole determinant of the level of real output. tThe down sloping aggregate demand curve is stable and is the sole determinant of the price level. According to the classical economist the economy will operate at its full employment level of output because (1) Say's law (2) responsive flexible prices and wages., Tthey classical...
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