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An economic system in which the means of production, distribution, and exchange should be owned or regulated by the community as a whole. Key proponents include Karl Marx, Vladimir Lenin, and Mao Zedong.

An economic theory that views individuals and their capacities as investments and argues that deliberate investments can increase an individual's productivity and income. Key proponents include Gary Becker and Theodore Schultz.

An economic thought that considers the role of institutions in shaping economic behavior, emphasizing legal, social, and political frameworks. Key proponents include Thorstein Veblen and John R. Commons.

An economic theory based on the writings of Karl Marx focusing on the role of labor in the development of an economy, and postulates that the capitalist system is inherently exploitative. Key proponents include Karl Marx and Friedrich Engels.

A school of economic thought that advocates for the strict deduction of economic laws and is skeptical of statistical methods and macroeconomic aggregates. Key proponents include Ludwig von Mises and Friedrich Hayek.

A field of economics that uses the tools of economics to analyze political decision-making. Key proponents include James Buchanan and Gordon Tullock.

Economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism. Key proponents include Thomas Mun and Jean-Baptiste Colbert.

A branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Key proponents include W. Arthur Lewis and Amartya Sen.

An economic philosophy that maintains the ideas of Keynesian economics, but on a wider and more critical framework that includes an analysis of financial markets. Key proponents include Joan Robinson and Hyman Minsky.

An economic principle attributed to Jean-Baptiste Say which suggests that supply creates its own demand, implying that production is the source of demand.

An approach to economics that analyzes the marginal changes in the cost and benefits of a decision. Key proponents include William Stanley Jevons, Carl Menger, and Léon Walras.

An approach that focuses on the determination of goods, outputs, and income distributions in markets through supply and demand. Key proponents include Alfred Marshall and Arthur Cecil Pigou.

A school of thought that emphasizes the role of governments in controlling the amount of money in circulation. Key proponents include Milton Friedman and Anna Schwartz.

A school of thought that emphasizes the role of free markets, the importance of competition, and the self-regulating nature of economies. Key proponents include Adam Smith, David Ricardo, and John Stuart Mill.

An economic school of thought that promotes free-market principles and views the role of government intervention in the economy skeptically. Key proponents include Milton Friedman and George Stigler.

A model that shows how money moves through an economy between producers and consumers. Key concepts include the income spent within the economy and those leaking out into savings, taxes, and imports.

An economic theory that emphasizes the total spending in the economy (aggregate demand) and its effects on output and inflation. Developed by John Maynard Keynes during the Great Depression.

A field of economics that studies the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions. Key proponents include Daniel Kahneman and Amos Tversky.

An economic philosophy that argues long-term growth can be most effectively cultivated by lowering barriers for people to produce (supply) goods and services, such as lowering income tax and capital gains tax rates. Key proponents include Arthur Laffer and Robert Mundell.

An early theory of economics that regarded agricultural land as the source of all wealth and advocated minimal government intervention. Key proponents include François Quesnay and Anne Robert Jacques Turgot.

A transdisciplinary field that addresses the interdependence and coevolution of human economies and natural ecosystems over time and space. Key proponents include Herman Daly and Robert Costanza.

A field of economics that examines the ways in which gender structures the economy and critiques the historical exclusion of women from economic study. Key proponents include Marilyn Waring and Julie A. Nelson.

A branch of economics that studies the processes that transform the economy from within and investigates the behavior and change of economic systems. Key proponents include Joseph Schumpeter and Richard Nelson.

An approach to the study of economics which argues that economics should use history to understand how economic beliefs, strategies, and institutions come into being. Key proponents include Gustav von Schmoller and Wilhelm Roscher.