Economy

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Economic ideologies before Adam Smith

Mercantilism

• Bullionism
• Montaigne’s Fallacy
• Mercantilism
• Colonialism
• Transatlantic Slavery
• The Malthusian Trap

Austrian Economics

Main schools of economics

• The Malthusian Trap
• Classical School of economics
• Neoclassical School of economics
• Austrian School of economics
• Chicago School
• Comparison of economic schools

Concepts of Austrian economics

• Praxeology (human action)

Related to the Theory of value

• Marginal (Diminishing) Utility
• Subjective theory of value

The Austrian triad

• Dispersed knowledge
• Spontaneous order
• Economic calculation
• I, Pencil

Related to the Interest rate

• Time preference
• Interest rate
• The problem of the economic cycle and the Austrian solution

Related to inflation

• The gold standard
• Inflation
• Quantity theory of money

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Economists and their ideas

Precursor / Cantillon School (Transition)

• Richard Cantillon (1680–1734)

Classical School (Classical Political Economy)

• Adam Smith (1723–1790)
• Jean-Baptiste Say (1767–1832)
• David Ricardo (1772–1823)

Austrian School

• Frédéric Bastiat (1801–1850)
• Carl Menger (1840–1921)
• Eugen von Böhm-Bawerk (1851–1914)
• Ludwig von Mises (1881–1973)
• Friedrich Hayek (1899–1992)
• Murray Rothbard (1926–1995)
• Robert Nozick (1938–2002) (He was a philosopher, not an economist)

Chicago School

• Milton Friedman (1912–2006)

Game theory

• Ultimatum game
• Repeated prisoner’s dilemma

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Last updated: 2026-04-09

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