Economic Concepts And Schools 1-19
19 entries in the Economic Concepts And Schools compendium.
MercantilismEconomic policy maximizing exports and state power through trade regulation.MicroeconomicsBranch of economics studying individual decision-making and resource allocation.Mixed economyEconomic system blending market and planned elements.Modern Monetary TheoryHeterodox macroeconomic theory on sovereign currency and fiscal policy.MonetarismSchool of thought emphasizing money supply control for economic stability.Neoclassical economicsDominant microeconomic approach emphasizing supply, demand, and utility maximization.Physiocracy18th-century French economic theory emphasizing agriculture as sole wealth source.Planned economyEconomic system using plans for investment, production, and allocation.Political economyInterdisciplinary study of politics and economics.Post-industrial societyService sector wealth surpasses manufacturing; knowledge becomes capital.Pre-industrial societyPre-industrial society existed before machines enabled mass production.Price controlsGovernment-set limits on prices for goods and services.Principal–agent problemConflict when an agent acts on behalf of a principal.Production–possibility frontierGraphical model showing maximum possible output combinations.Profit maximizationProcess of setting output to maximize total profit.Purchasing power parityEconomic measure comparing currency purchasing power across countries.Rational choice modelA framework modeling behavior through rational actor analysis.RecessionA broad decline in economic activity with no single official definition.Resource curseHypothesis that natural resource wealth can hinder economic growth and democracy.
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