What is Economic Thought?

 Economic thought is a discipline that studies various philosophies of various thinkers and theories on the subject of economics from the ancient world to the present.

It includes a historical account of economic fundamentals and different opinions and ideologies on economics subjects with special emphasis on the public policy of different times and places. This helps individuals to understand economics, be aware of some of the intellectual history, advance ideas, and create a more critical attitude and ability to make decisions.

Economic thought covers a range of theories and schools of thought, each offering different explanations for economic phenomena. Some key schools of economic thought include;

§     Early pre-classical

§     Pre classical

§     Classical economics

§     Neoclassical economics

§     Keynesian economics

Moreover, economic thought is a dynamic field that continues to evolve as new data, technologies, and societal challenges emerge, shaping our understanding of how economies work and how they can be improved.

In conclusion, economic thought is a discipline that studies various philosophies which help us to understand economics and give us the ability to make effective decisions.

Written By;

Dhananjana Dilshan