Name: Professor: Course: Date: Economics The use of different identifiers to characterize the nature of a country’s economy defines the categorical school of thoughts used by different economists who share a similar perspective on the way different policies of the economy are operating. To understand the supposedly correct school of economic thought that truthfully stipulates how to handle the modern economy it is important to evaluate the arguments presented in the distinct economic thoughts. In this case this will involve analysis of notions held by Keynesians Monetarists and the Austrians schools of thought. Keynesian emphasis on improving demand as the cornerstone for all other economic activities is very important. Consumers drive other economic activities such as employment through continued spending which cycles back to their pockets as salaries. Combination of such a policy with monetarists emphasis on positive monetary policies involving interest rates and pricing levels will best define the foundation of the modern economy. Bibliography Skousen Mark. The making of modern economics: the lives and ideas of the great thinkers. Routledge 2016. Vaggi Gianni and Peter Groenewegen. A concise history of economic thought: From mercantilism to monetarism. Springer 2016. [...]
One page no double space is enough. Debate which school of economic thought(the Keynesians, Monetarists, or the Austrians) has it right concerning how to handle the economy.