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Economic Theory was first developed by ancient Greek philosophers, Aristotle, in the 4th century BC.
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10 Interesting Fact About Economic systems and theories
10 Interesting Fact About Economic systems and theories
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Economic Theory was first developed by ancient Greek philosophers, Aristotle, in the 4th century BC.
The Economic System was first explained by the British economy, Adam Smith, in his famous book, The Wealth of Nations.
Classical economic theory states that the market will achieve its own balance without government intervention.
Keynesian economic theory states that the government must intervene in the economy to encourage growth and reduce unemployment.
The economic system of capitalism states that production and distribution are controlled by capital owners.
The economic system of socialism states that production and distribution is controlled by the state or society.
Monetary economy theory states that the regulation of the amount of money in circulation can affect the level of inflation and deflation.
Development Economic Theory states that developing countries can accelerate economic growth by adopting certain development models.
The concept of green economy states that economic growth must be accompanied by environmental protection.
The globalization economic system states that free trade and market opening can increase global economic growth.