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The 50 Most Important Economic Theories

Schools of Thought

Classical
Marxism
Keynesian (positive)
Neoclassical synthesis
Austrian School

Economic Systems

Free market capitalism
Market socialism
Central planning
Mercantilism
Shock therapy
Washington consensus

Economic Cycles

Keynesian (normative)
Monetarism
The Phillips curve
Permanent income hypothesis
Rational expectations
Time consistency
Financial accelerator
Financial instability hypothesis
Lender of last resort

Growth

Neoclassical growth
New growth theory
Creative destruction
Human capital
The rule of law
Limits to growth

Global Trade

Comparative advantage
Heckscher-Ohlin trade model
New trade theory
Optimal currency area
The impossible trinity
Purchasing power parity

Choice

Rational choice
Game theory
Public choice
Expected utility theory
Prospect theory

Tax & Spend Policies

Tax incidence
Excess burden
Supply-side economics
Crowding out

Markets

The invisible hand
Marginalism
The tragedy of the commons
Property rights
Polluter pays principle
Adverse selection
Moral hazard
Efficient market hypothesis
Rent seeking
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