analysis of 3 major economic schools of thought: by: matthew alin 10/22/2008 period: 3 classical,...
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Analysis of 3 Major Economic Schools of Thought:
By: Matthew Alin10/22/2008
Period: 3
Classical, Keynesian, and Monetarism
Copyright © 1784-2008 Mathew Alin Co.
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Origins
• Marked by the publication of An Inquiry Into the Nature and Causes of the Wealth of Nations in 1776 by Adam Smith.
• After John Maynard Keynes published The General Theory of Employment, Interest and Money, in 1936, as a response to the Great Depression of the 1930s.
• Milton Friedman's 1956 restatement of the quantity theory of money.
Classical Keynesian Monetarism
Who’s Adam Who’s Adam Smith? Smith?
Who’s John Who’s John Maynard Maynard Keynes?Keynes?
Who’s Milton Who’s Milton Friedman?Friedman?
Quantity Quantity Theory of Theory of
Money Money FormulaFormula
Basic Beliefs Basic Beliefs Basic Beliefs
Copyright © 1784-2008 Mathew Alin Co.
Comparisons and Contrasts
Sources