Orthodox economics

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Orthodox economics (orthodoxy, orthos 'simple' and 'bad' reputation) are economical schools that rigorously adhere to their model theories and assumptions adopted by the school's creators.

In classical school this is the assumption of price and wage volatility, achieving equilibrium in conditions of economic freedom and non-interference of the state.

In Neoclassical School of Economics - Full use of resources, maximization of usability and profitability

In Keynesianism, the stability of wages and prices, the balance of under-utilized resources (unemployment), the need to intervene in a state of equilibrium.

The subject of research in orthodox economics concerns the allocation of resources, the distribution of generated income, the stability of the economy and its growth. Orthodox economics, unlike heterodox economics, does not analyze economic phenomena in the context of the various factors that affect them. She treated the phenomena as data and analyzed the economic activity of the people. Today she has enriched her research on this element, such as the new political economy, the theory of public choice, the economics of property rights.

: heterodox economics

Source:

wiki

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