School Main view of particular Flaws of school Economists in that
school school
Mercantilism - Businessmen - Not every country - Bodin
promoting self can have a positive - Mun
interest balance of trade - Petty
- Maximizing self- - Only looked at - Mandeville
interest is the goal nominal numbers - Hume
- Increasing bullion of - Very minimal wages - Cantillon
the nation as much in order to keep
as possible (through production high and
production) consumption low
- Positive balance of
trade overall
Physiocrats - Agriculture is the - Tended to lack - Quesnay
source of wealth: detail
labour and capital - Saw the economy as
only generate their a system superior to
own costs and net human will, rejected
product only comes government
from land. intervention posted
- Economy is by mercantilists
governed by natural - Very like-minded
laws because of one
- Inventors of Laissez- intellectual leader,
faire: No short period living
government and all in France.
intervention except
for taxation on
landowners
- Maximizing personal
gain is the goal
- Real forces lead to
economic
development
Classical - Laissez-faire: as little - Assumes economy - Smith
school government would always have - Mill
intervention as full employment of - Say
possible production - Bentham
- Not land but labour resources - Malthus
is the source of - No clear distinction - Ricardo
wealth Ricardian between relative
Labour Theory of prices, general
Value and prices and changes
comparative in welfare
advantages through - Bentham: utility is
specialization subjective and
- Diminishing returns: cannot be
, if you increase only measured
one production objectively
factor while keeping - Doesn’t focus on
the others constant, the demand side of
the output will economics, only on
increase less the supply side.
- Harmony of
interests: being
selfish increases
total welfare
- Focus lays on the
supply side
Socialism - Rejecting classical - Human perfection - Marx
thoughts like Say’s being creatable is - Hegel
law, harmony of an unrealistic
interests and thought
laissez-faire, looks at - Utopia is an
optimal government unrealistic strive
behaviour (and if it and only works in
should exist at all) strict dictatorships
- Collectiveness of the - Marx: theories lack
society: entire theoretical and
society strived for technical analysis,
the same thing, tend toward vague
economists pleaded generalizations
for collective action
and shared
properties.
- Capitalism would
inevitably destroy
itself.
- Business cycles
(Marx)
- Darwinian approach
German - Empirical historical - You shouldn’t only - List
Historical analysis instead of use induction as a - Schmoller
school theories way of research - Weber
- Inductive approach - Empirical analysis
to economics doesn’t work for
- Emphasizes positive social sciences
role of government - Theories in
- Holistic approach: economics are
every part of useful and should
economics is not be disregarded
connected. as a whole
- Major player in the
Methodenstreit
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper bdenotter. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €3,49. Je zit daarna nergens aan vast.