An Introduction to Schools of Economic Thought

Should economists be concerned with questions of morality? Can economic ideas be applied to social phenomena like crime? What even is economics? Ask an economist these questions and their answer will differ greatly depending on the school of economic thought to which they belong. This book provides a clear, jargon-free guide to the schools of thought that have had the greatest impact on the world today, for both better and worse. It shows how and why thinkers have come up with different explanations of how economic life operates and how we might improve its workings to boost human prosperity and welfare. This is a story that stretches from Aristotle, to Adam Smith, to Marxism and Keynesianism, to more modern ideas such as Behavioural Economics and Public Choice Theory.