Read the following Guide to the different Schools of Economic Thought: https://w

Question

Read the following Guide to the different Schools of Economic Thought:

https://whistlinginthewind.org/2013/10/06/guide-to-the-economic-schools-of-thought/

Pick a school of economic thought that is most appealing to you. Tell us why you chose that school.

Compare and contrast your favorite school of thought to at least one other school of economic thought

What are the differences between Keynesian and Austrian schools of economic thought?

In your opinion, which school provides the best prescription for healthy economy in the long run? Why?

Explanation / Answer

Difference between Keynesian and Austrian School of Economic Though:

Keynesian school deals with short run and assume that everything get corrected itself in long run. We all are dead in long run. Long run point of view, austrian school may be right but it is not favorable for short run.

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