Question

Describe the following schools of economic thoughts individual beliefs and their similarities/differences:

Physiocrats
Smith/Smithians
Classical
Neo Classicals
Institutionalist
Keynesians, Post Keynesians, New Keynesians, Neo Keynesians
Marxism
Austrians
Utilitarians

Answer 1

Utilitarians Utilitarianism is an ethical theory that states that the best action is the one that maximizes utility. "Utility" is defined in various ways, usually in terms of the well-being of sentient entities. Jeremy Bentham, the founder of utilitarianism, described utility as the sum of all pleasure that results from an action, minus the suffering of anyone involved in the action. Utilitarianism is a version of consequentialism, which states that the consequences of any action are the only standard of right and wrong. Unlike other forms of consequentialism, such as egoism, utilitarianism considers the interests of all beings equally.

Marxism

Marxism is a method of socioeconomic analysis that frames capitalism through a paradigm of exploitation, analyses class relations and social conflict using a materialist interpretation of historical development and takes a dialectical view of social transformation. It originates from the works of 19th century German philosophers Karl Marx and Friedrich Engels.

Classical

The Classical Theory is the traditional theory, wherein more emphasis is on the organization rather than the employees working therein. According to the classical theory, the organization is considered as a machine and the human beings as different components/parts of that machine. The Classical Theory is the traditional theory, wherein more emphasis is on the organization rather than the employees working therein. According to the classical theory, the organization is considered as a machine and the human beings as different components/parts of that machine.

Physiocrats

According to historian, the physiocrats (who called themselves the economistes) created "the first strictly scientific system of economics". Physiocracy was a theory of wealth. The physiocrats, led by Quesnay, believed that the wealth of nations was derived solely from the value of agriculture should be over priced.

mostly every theory deals with the economic aspects but some are balanced and other extreme for example Physiocrats and Marxism are way different from each other Physiocrats only focused on agriculture which is irrelevent in today's time. On the other hand Marx was an anti capitalist which is also not possible in current times because capitalism is the back bone of many countries