This model, developed by John Maynard Keynes, emphasizes the role of government intervention in stabilizing the economy, especially during times of recession.
Keynesian model
This model, associated with economist Milton Friedman, emphasizes the role of the money supply in controlling inflation and promoting economic stability.
Monetarist model
This model emphasizes the role of markets in allocating resources and promoting efficiency.
Neoclassical model
This model, developed by economists such as Adam Smith and David Ricardo, emphasizes the role of self-interest and competition in promoting economic
Classical model
This model combines the insights of Keynesian and neoclassical economics to explain the role of market imperfections
New Keynesian model
This model emphasizes the role of productivity shocks and technological progress in driving economic fluctuations.
Real business cycle model
This model emphasizes the role of individual action and entrepreneurship in driving economic growth and innovation.
Austrian model
This model emphasizes the role of power relations and institutional factors in shaping economic outcomes.
Post-Keynesian model
These models incorporate insights from psychology and other social sciences to explain how people make economic decisions.