Macroeconomics and it's Schools of Thought
Adam Smith founded economics as we know it today in 1776 with his work 'The Wealth of Nations'. Throughout the last two centuries economics has developed and consistently branched out into new and different areas. Though some may disagree, the two schools of thought that have had the most influence over economists past and present are Keynesian and Monetarist economics. Keynesian economics, derived from the theories of John Maynard Keynes, regards the economy as inherently unstable and requires active government intervention to achieve stability…
