Which economic school of thought is right

Latin America Institute (LAI)

The aim of this learning unit is to give an overview of influential economists and the theories that they have largely designed or shaped. The development history of individual schools of thought should be made comprehensible.

The figure shows how the individual economists are assigned to generic terms and theoretical schools of thought. The field “Classical Economy” is initially also a time allocation. These economic theories are the basis of today's understanding and originated in the 18th and 19th centuries. The division between national economy and global economy first of all makes clear the different focus of the theories. In terms of time, however, the theories in the field of global economics and development theory emerged predominantly after the economists. Political economy had its peak in the 19th century. and at the beginning of the 20th century, whereas development theory only started in the second half of the 20th century. increasingly comes to the fore.

For each of the areas mentioned there are many economists to be listed, all of whom have added a building block to today's economic thinking with their work and their theory. Representative, divided into different areas, economists are selected who have revolutionized economic thinking in their area, were / are very influential or who have defined new explanatory models with their work.