Decoding the Most Important Economic Schools

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Economics, after all, is a relentless effort to solve an unsolvable puzzle:

From the earliest studies to modern macroeconomic policies, all economic theories originate from this problem. Although viewed as a social science – sometimes considered “less precise” than natural sciences – economics still adheres to strict logical and empirical principles. However, because it involves human and social elements, economics often sees more debates than any other scientific field.

In reality, most economists agree on many core principles – such as the concept of opportunity cost or the role of markets – but profoundly disagree on how to apply them in practice. These differences stem not only from data or models but also reflect the ethical, political, and philosophical views of each school.

Three reasons why economics is more frequently debated than physics or chemistry:

1. Economics' foundational question inherently has no absolutely correct answer

2. The difficulty in testing hypotheses on the scale of the entire economy

3. Economics' direct impact on every aspect of life – from personal finance to government policy.

From this, various economic schools have emerged. Although boundaries between them are unclear, each school represents a distinct approach to solving the central economic problem.

In today's article, Viet Hustler will explore with you the 3 most important economic schools in history:

1. Classical School of Economics (Classical)

2. Austrian School of Economics (Austrian)

3. Keynesian School

4. Comparing similarities and differences between economic schools