SOME ECONOMIC THEORIES

1. Chủ nghĩa trọng thương (Mercantilism)
Period: 16th - 18th century.
Main idea: Valuing a nation's wealth based on the amount of precious metals (gold, silver) that the nation possesses. They support strong government intervention in the economy, promoting exports and limiting imports to achieve a trade surplus.
2. The school of Physiocracy (
Period: Mid 18th century.
Main idea: Emphasizing the role of agriculture as the sole source of net wealth ) net products ( for society. They advocate for the abolition of state intervention, supporting the "laissez-faire" ) economic freedom policy, allowing everything to occur naturally (.
3. Kinh tế chính trị cổ điển )Classical Economics(
Period: Late 18th - 19th century.
Main idea: The premise for modern economics. Adam Smith and the concept of "invisible hand": arguing that the pursuit of individual interests in a free market will lead to the common good for society as a whole.
Other economists such as David Ricardo with his theory of comparative advantage, Thomas Malthus with his theory of population have contributed to this foundation. They advocate for self-regulating markets and a minimal role of the state.

4. The economic doctrine of Marxism-Leninism )Marxist Economics(
Period: 19th - 20th century.
Main thought: Analyzing the nature of capitalism, emphasizing the contradiction between the bourgeois and the proletariat. Karl Marx and Friedrich Engels developed the theory of surplus value, arguing that labor is the source of all value and that the exploitation of labor is at the core of the capitalist system.
The policy of replacing the market economy with a centrally planned economy.

5. Neoclassical School )Neoclassical Economics(
Period: Late 19th century, early 20th century.
Main idea: Focus on the rational behavior of individuals )consumers and businesses( in maximizing benefits and profits. The concepts of supply and demand, market equilibrium, and economic efficiency are central to this doctrine.
6. Kinh tế học Keynes )Keynesian Economics(
Period: 1930s to 1970 )developed strongly after the Great Depression(.
Main idea: Initiated by John Maynard Keynes. He argued that the market economy does not always self-balance at full employment, and government intervention through fiscal and monetary policy is necessary to stabilize the economy, combat recession, and unemployment.
7. Monetary school )Monetarism(
Period: The second half of the 20th century.
Key idea: Led by Milton Friedman, this school emphasizes the role of money supply in determining prices and inflation. They advocate for strict control of the money supply to maintain macroeconomic stability, in contrast to Keynesian intervention.
8. Other modern economic theories
Behavioral Economics ): Combining psychology with economics, studying biases and the predictable irrational behavior of individuals in economic decision-making.
Institutional Economics (: Emphasizes the role of institutions )such as law, culture, and organizations (in shaping economic behavior.
Austrian Economics ): Emphasizes individual freedom, absolute free markets, and criticizes government intervention, especially in the monetary field.
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