What are the 7 Schools of Economic thought?

 7 Schools of Economic thought(Single sentenced definition):

 1. Classical School:

The market keeps all producers alert through
competition, so leave it alone (invisible hand of
market)

 2. Marxian School:

Capitalism is powerful vehicle for economic
progress, but it will collapse, as private property
ownership becomes an obstacle to further progress.

 3. Neo-Classical School:

Individuals know what they are doing, so leave them
alone- except when markets malfunction.

4. Institutional School:

Individuals are products of their society, even though
they may change its rules.

 5. Austrian School:

No one knows enough, so leave everyone alone.

 6. Keynesian School:

What is good for individual may not be good for the
whole economy.

7. Behaviouralist School:

We are not smart enough, so we need to
deliberately constrain our own freedom of choice
through rules.What are

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