As most people know, there are several different schools of thought when it comes to economics. There are three main schools of thought in mainstream economics; those being Austrian, Monetarist/Chicago, and Keynesian.
Austrian: The Austrian school of thought was the main economic policy in most of the world back mostly before the American Civil War. Nowadays, the Austrian School has mostly been done away with. The main features of this system are near to complete free markets, competing currencies or gold standard, and no central banking. Free Markets: Free marketing is exactly what it sounds like; free trade without any obstruction. People voluntarily make transactions, businesses come and go and there is no regulation. Criticisms against this type of market are mostly because people want regulation for businesses. An example of regulation is the banning of lead paint due to health hazards, or limiting carbon emissions. Austrians justify this position by attempting to explain the 'invisible hand of the free market', which is a theory that says consumers will have an almost darwinian effect on businesses, killing off the bad ones and keeping the good ones. In practice, this has worked rather well for many societies. Competing Currencies and Gold Standard: The Gold Standard was a policy from before the Civil War in America, and it backed currency with a set amount of gold. This was meant to control inflation of currency, and worked rather well for them. In today's world, most economists feel that the gold standard wouldn't do anything but hurt the economy. Competing currencies is something that hasn't been tested all too much, but may pretty soon.
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