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All of the schools of economic thought are - THEORIES

Posted: Jul 8th, 2018 - 3:49 pm In Reply to: The T in MMT means theory and a theory is not a - fact

What is an economic theory or model?

In economics, a model is a theoreticalconstruct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.

Keynesian economics is an economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed by the British economist John Maynard Keynes during the 1930s in an attempt to understand the Great Depression.
What is the classical theory of economics?

Classical economics or classical political economy (also known as liberal economics) is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. ... Adam Smith's The Wealth of Nations in 1776 is usually considered to mark the beginning of classical economics.

So, fair to say you haven't actually studied economics?

MMT can be proven to be the way out government funds spending.


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