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