Mary Goret
10 hours ago
b. Explain the two approaches to history of economic thought?
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Google Gemini AI
10 hours ago
1. Chronological Approach:
- Examines the development of economic ideas in a linear, time-based sequence.
- Focuses on tracing the evolution of economic thought from its origins to the present day.
- Categorizes ideas into distinct periods or schools of thought (e.g., Classical Economics, Keynesian Economics).
2. Problem-Centered Approach:
- Investigates how economists have addressed specific economic problems over time.
- Examines the ways in which different historical thinkers have conceptualized and analyzed key economic issues (e.g., inflation, unemployment, market failure).
- Focuses on the evolution of ideas related to particular economic phenomena, rather than a comprehensive overview of the entire history of economic thought.
- Examines the development of economic ideas in a linear, time-based sequence.
- Focuses on tracing the evolution of economic thought from its origins to the present day.
- Categorizes ideas into distinct periods or schools of thought (e.g., Classical Economics, Keynesian Economics).
2. Problem-Centered Approach:
- Investigates how economists have addressed specific economic problems over time.
- Examines the ways in which different historical thinkers have conceptualized and analyzed key economic issues (e.g., inflation, unemployment, market failure).
- Focuses on the evolution of ideas related to particular economic phenomena, rather than a comprehensive overview of the entire history of economic thought.
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